The corporate regulator confirmed on Monday that the licence cancellation came into effect on 24 June.
In 2015, ASIC suspended BBY’s licence for a period of three years following the appointment of Stephen Vaughan and Ian Hall as joint administrators to the company, however it was suspended for a further 12 months in 2018 and again in 2019.
ASIC confirmed that the terms of the cancellation allow the BBY AFS licence to continue in effect until 31 March next year only for select reasons:
- To ensure that clients of BBY continue to have access to an external dispute resolution scheme.
- To ensure that clients of BBY continue to have access to the national guarantee fund.
- To ensure that the receivers and liquidators have the legal authority to transfer a client’s “holder identification number” to another market participant with instructions from the client or to convert a licensee sponsored holding to an issuer sponsored holding in accordance with the ASX settlement operating rules.
- To ensure BBY continues to be required to have arrangements for compensating retail clients for loss or damages suffered as a result of breaches of the Corporations Act by the companies or their representatives.
BBY Ltd was the main operating entity of the financial services group BBY, which is an ASX, Chi-X and SSX market participant consisting of 10 entities and two other financial services licensees.
Any accountability or consequences for those who brought BBY to its knees?? Six years and still no actions!! Very poor reflection on ASIC.
Yes, better have another taxpayer funded Royal Commission & blame the remaining 19,000 advisers for ASIC’s lack of action, conveniently forcing another 10,000 advisers out as well. Just hopeless