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.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
testing only
WHAT ARE THEY BOASTING ? JG