ASIC makes first AFSL action of FY24–25
ASIC has suspended the Australian financial services licence (AFSL) of a Sydney firm, the first in the new financial year.
The corporate regulator suspended the AFSL of HLK Group for a period of six months until 27 December 2024.
This was because the firm, which has held the AFSL since 31 May 2013, has ceased carrying on a financial services business.
“The AFS licence authorised HLK Group to provide financial product advice to, and deal in various financial products for, retail and wholesale clients. Currently HLK Group has no retail or wholesale clients,” ASIC said in a statement.
Sydney firms have been particularly prevalent this year when it comes to AFSL action, with seven firms in the NSW city seeing action taken against them.
This includes Indie Advice in January, Brava Capital in February, Suetonius Wealth Management and Crown Wealth in March, Aussie Wealth Super, Sug Ou Jeung and Ascot Securities in June.
Click here to read Money Management’s round-up of ASIC actions against financial advisers during the last financial year.
AUTHOR
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