Australia’s financial regulator, ASIC, has temporarily stopped Probis Financial Services Pty Ltd from operating in the country by suspending its license. This decision was made because Probis Financial Services entered into voluntary administration on 17 July 2023.
Probis is a financial company based in Sydney that is allowed by ASIC (AFSL 338241) to offer OTC derivative contracts (like Margined FX and Contract for Difference contracts) to both regular and professional clients. The company is also authorized to be the trustee for investment schemes that are not registered, but can only be used by professional clients. They are also allowed to act as the responsible entity for AAWM, an investment scheme that is registered and can be used by regular investors.
The suspension involves a rule that says Probis must keep being a member of the Australian Financial Complaints Authority. And they have to have a plan to compensate regular clients until October 30, 2023.
On 17 July 2023, a group of people from Hall Chadwick, Richard Albarran, Brent Kijurina, Cameron Shaw. And Aaron Dominish, were chosen to be voluntary administrators of Probis.
Before the suspension, Probis had the permission to:
- Give general advice and trade specific financial products.
- Act as a market maker for foreign currency contracts and derivatives.
- Run a registered investment scheme for financial assets.
- Offer safekeeping and custody services to both individual and business clients.
Probis has the option to ask the Administrative Appeals Tribunal to reconsider ASIC’s decision.
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