ASIC suspends Sydney-based AFSL

Halifax is based in Sydney with a partially-owned subsidiary in Auckland, New Zealand.

The suspension will be in place until 10 January 2020, ASIC said in a statement, and follows the appointment of Morgan Kelly, Stewart McCallum and Phil Quinlan, of Ferrier Hodgson, as joint voluntary administrators of Halifax on 23 November 2018.

ASIC said the terms of the AFS licence suspension allow the Halifax AFSL to continue in effect for the following purposes only:

• 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.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].