First litigation funding AFSL issued

16 September 2020
| By Mike |
image
image
expand image

One of the largest litigation funders, Omni Bridgeway, is the first to have become licensed under the new Government-imposed requirement to hold an Australian Financial Services License (AFSL). 

Omni Bridgeway has announced to the Australian Securities Exchange (ASX) that it had been granted an AFSL by the Australian Securities and Investments Commission (ASIC) allowing it to fund new class actions in Australia. 

The company said it believed it was the first dispute financing company to be issued with a license by ASIC and was pleased with the speed and efficiency with which its license application was handled by the regulator. 

The new regulatory regime requiring litigation funders to hold an AFSL came into law on 22 August removing the prior exemptions from the managed investment schemes (MIS) regime.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 7 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago