ASIC suspends Union Standard’s AFS

ASIC/AFS/suspension/

21 July 2020
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has suspended the Australian Financial Services (AFS) licence of Sydney-based retail over-the-counter derivatives issuer Union Standard International until 23 September. 

The licence was suspended under section 915B of the Corporations Act 2001 because Union Standard was under external administration. 

On 8 July 2020, Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) Pty Ltd were appointed as administrators of Union Standard. 

The regulator said that although it suspended the licence, it used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licence during the suspension period. 

This included having in place a dispute resolution scheme and arrangements for compensating retail clients, holding professional indemnity insurance and allowing the termination of existing arrangements with current clients of Union Standard.

Read more about:

AUTHOR

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?...

2 months 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 1 week 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...

3 weeks 1 day ago

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

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS