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
Ahead of the 1 January 2026 education deadline for advisers, ASIC has issued its ‘final warning’ to the industry, reporting that more than 2,300 relevant providers could be on their way out.
As high-net-worth investors look to opportunities in alternatives, Praemium has revealed that advisers who can deliver on this demand tend to have deeper relationships with their clients as they are seeking more involvement in the investment process.
As adviser-client relationships stabilise, Investment Trends’ latest report said digital hybrid advice models are key to addressing the supply-demand gap in Australia.
A Koda Capital partner and executive team member, who joined the firm from almost a decade in advice roles at AMP, has departed the wealth manager.
