Australian retail FX and CFD broker Probis gets ASIC license suspended
Probis will continue as a member of the Australian Financial Complaints Authority, with arrangements for compensating retail clients in place until the end of 30 October 2023.
Probis, a Sydney-based financial service provider until now authorised by ASIC (AFSL 338241) to issue OTC derivative contracts (including Margined FX and Contract for Difference contracts) to both retail and wholesale clients, has seen its AFS license suspended after it was placed into voluntary administration on 17 July 2023.
The suspension includes a provision that requires Probis to continue as a member of Australian Financial Complaints Authority, with arrangements for compensating retail clients in place until the end of 30 October 2023.
Probis to compensate retail clients until 30 October 2023
On 17 July 2023, Richard Albarran, Brent Kijurina, Cameron Shaw, and Aaron Dominish, of Hall Chadwick, were appointed as voluntary administrators of Probis.
Probis’ licence allowed the entity to:
- provide general advice and deal in specified financial products;
- make a market in foreign exchange contracts and derivatives;
- operate a registered managed investment scheme in financial assets; and
- provide custodial and depository services to retail and wholesale clients.
ASIC suspended AFS license of NWQ
Last week, ASIC suspended the Australian financial services (AFS) license of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024 because it did not have sufficient net assets to meet the conditions of its license.
NWQ provides portfolio management services and is the trustee of two wholesale unregistered managed investment schemes, the NWQ Global Markets Fund, and the NWQ Diversified Equity Fund.
The license suspension means that NWQ cannot provide financial services including issuing any new interests in the Schemes. However, it may continue to provide financial services that are necessary for, or incidental to the day-to-day operation, winding-up or appointment of a replacement trustee to the Schemes.
NWQ Capital Management Pty Ltd has held AFS license no. 318835 since 9 January 2008. The license authorizes NWQ to deal in financial products, provide financial advice, and custodial or depository services to wholesale clients.
