ASIC suspends Halifax Investment’s license
The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence held by Halifax Investment Services which is headquartered in Sydney and partially owns subsidiary in New Zealand.
The suspension followed the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan, of Ferrier Hodgson, as joint voluntary administrators of Halifax.
The regulator also said that the suspension would allow the Halifax AFS licence to continue in effect for the following purposes:
- To ensure that clients of Halifax continue to have access to an external dispute resolution scheme;
- To ensure that Halifax continues to be required to have arrangements for compensating retail clients, including the holding of professional indemnity insurance cover; and
- To allow for the termination of existing arrangements with clients of Halifax.
AUTHOR
Oksana Patron
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
