Liquidated firm gets AFSL cancelled
The Australian financial services licence (AFSL) of Sovereign MF has been cancelled by the Australian Securities and Investments Commission (ASIC).
Sovereign is the responsible entity for The Sovereign Tarneit Land Fund and The Sovereign Aged Care Property Fund, and its AFSL was cancelled on 8 February 2017.
"The cancellation is subject to a specification under section 915H of the Corporations Act that the AFSL continues in effect as though the cancellation had not happened for a period of 24 months to allow the liquidators to provide financial services that are reasonably necessary or incidental to the winding up of the schemes," ASIC said.
Sovereign was placed into liquidation on 24 May 2013 following a creditors' resolution on the basis that Sovereign was insolvent. The liquidators are currently in the final stages of winding up the schemes.
The windup had involved completing the residential development of the Westbourne Fields Estate in outer Melbourne and the realisation of all lots within the development.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
