The monetary advisory group can proceed its operations solely till April 16
ASIC has formally revoked the Australian monetary providers (AFS) licence of NextGen Monetary Group, efficient Feb. 23, following a Federal Court docket order to wind up the corporate as a result of insolvency.
The choice to cancel the licence comes after the Federal Court docket of Australia’s directive on Nov. 17, instructing that NextGen Monetary Group be liquidated.
NextGen Monetary Group, beforehand generally known as FinancialLink Group and SJP Insurance coverage Providers, has been a holder of AFS licence quantity 240938 since Feb. 1, 2004. The cancellation of its licence marks the tip of its operations in Australia’s monetary providers trade, ASIC mentioned in a media launch.
Regardless of the cancellation, there’s a transitional provision permitting NextGen Monetary Group to proceed offering monetary providers to present shoppers till April 16, strictly for the aim of terminating present preparations. This measure ensures that shoppers aren’t abruptly left with out service as a result of licence cancellation.
NextGen Monetary Group retains the proper to problem ASIC’s choice by making use of for a evaluate on the Administrative Appeals Tribunal, providing a pathway for the corporate to contest the licence revocation ought to it select to take action.
The appointment of Joseph Loebenstein because the liquidator on Nov. 17 marked the start of the winding-up course of.
For extra information on ASIC’s regulatory actions, click on right here and right here.
* NextGen Monetary Group is unrelated to NextGen.Web Pty Ltd
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