ASIC makes first AFSL action of FY24–25

AFSL/ASIC/Sydney/

2 July 2024
| By Laura Dew |
image
image image
expand image

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. 
 

Read more about:

AUTHOR

Submitted by JOHN GILLIES on Tue, 2024-07-02 20:21

WHAT ARE THEY BOASTING ? JG

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 4 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 5 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 4 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 3 days ago

TOP PERFORMING FUNDS