HFA distances itself from MFS
HFA Limited has sought to put distance between itself and associated financial services group MFS Limited, telling the Australian Stock Exchange that it has no operating or business relationship with MFS or any of its entities.
In a statement released on the ASX late yesterday, HFA also made clear that so far as the HFA board was aware, MFS was also not an investor in any HFA products, there were no MFS directors or nominees on the board of HFA Holdings and the directors of HFA regarded the MFS Group as a passive shareholder.
The ASX statement came as the HFA share price was impacted and the company’s ASX announcement made clear that it believed that the fall was “due to speculation of a potential sale by the MFS Group of its approximately 12 per cent holding in HFA Holdings Limited”.
Underlining its position, HFA said that net funds flow across its suite of investment products had continued to be positive every month this financial year and that no unusual redemption activity had been experienced.
AUTHOR
Mike Taylor
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
