ASIC suspends licence of Halifax Investment Services

The Australian Securities and Investments Commission (ASIC) has suspended the AFSL held by Halifax Investment Services, it said on Monday.

Halifax was a financial services licensee headquartered in Sydney with a partially-owned subsidiary in Auckland, New Zealand.

The suspension 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 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.

The company has a right to seek a review of ASIC’s decision at the Administrative Appeals Tribunal.