'Business as usual' for Linchpin licensees
Court orders made against Linchpin Capital will not adversely impact financial advisers licensed by the company’s dealer group subsidiaries, says its executive director.
On Friday, ifa exclusively reported that ASIC has been successful in seeking interim orders in the Federal Court of Australia in Queensland that placed a number of restrictions on Linchpin Capital, including a prohibition on providing financial advice and promoting and trading financial products.
However, despite the interim orders, Linchpin executive director Peter Daly has made clear there will be no adverse impact for the Linchpin licensees Beacon Group, Risk and Investment Advisers Australia (RIAA) and Libertas, which have a combined adviser network of more than 150.
"Whilst some restraints are in place, these only relate to Linchpin and Endeavour," said an email from Mr Daly to stakeholders, seen by ifa.
"It is business as usual for the other entities within the group, specifically Beacon and our licences. In fact the court and ASIC made clear during the hearing on 24 July that they were not seeking any relief as against those other entities."
Mr Daly emphasised that these are only interim orders and that the court is yet to make a final judgment in its broader dispute with ASIC.
He previously expressed concerns with the corporate regulator's approach to the matter, vowing that Linchpin would vigorously defend the charges.
ASIC commenced proceedings against Linchpin and its Endeavour Securities subsidiary earlier this month after an investigation found it was operating a managed investment scheme without the appropriate licence.
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