Claims against security bond of AFS licensee

Previously some AFS licensees had to lodge a security bond with ASIC as part of their licence. This was to help provide compensation to a client that could demonstrate that they had suffered financially because of the failure of the licensee to act adequately and properly.

Now all licensees with retail clients have to hold professional indemnity insurance.

When a current AFS licensee (without professional indemnity insurance) or former AFS licensee wishes to cancel its security bond, it must advertise the fact in the national press. This is to notify any clients that believe they may have a right to compensation so that they can make that claim before the bond is returned to the licensee.

In some limited circumstances, ASIC may also place such an advertisement.

If no claim is notified or known to ASIC within three months after the notice is published, the licensee can apply to us for the bond to be returned.

How to make a claim against the security bond

Within three months after the notice is published, you must send the details of your claim to:

Licensing

Australian Securities and Investments Commission

GPO BOX 9827

Melbourne VIC 3001

If you don’t lodge your claim within this time, the money may be returned to the licensee and you may not be able to pursue your claim through us.

To make a successful claim, you must be able to show that:

  • you suffered a financial loss, and

  • the loss was a result of a failure on the part of the licensee or its agents or employees to carry out business under the licence "adequately and properly".

Make sure the details of these two points are included in your claim. Its is important to note that claims should relate to instances where these two points are present rather than trade claims that may have been made to an administrator of any of the mentioned companies.

A hearing may need to be held to determine whether compensation can be paid.

Security bonds that we intend to return

1. Notice is given on 5 June 2017 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensee:

  • Macquarie Capital (Australia) Limited ACN 123 199 548 (previously known as Macquarie Corporate Finance Australia Limited, Macquarie Capital advisers Ltd) 

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

2. Notice is given on 5 June 2017 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensee: 

  • Neville Krynauw & Associates Pty Limited (Deregistered) ACN 006 452 862 

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice

3. Notice is given on 20 September 2016 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensee:

  • Diverseport Fixed Income Limited ACN 113 122 286

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

4. Notice is given on 13 July 2017 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensee:

  • Willis Australia Limited ACN 000 321 237

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

5. Notice is given on 13 July 2017 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensee:

  • J A Advisory Services Pty. Limited ACN 003 958 174

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

6. Notice is given on 19 April 2018 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensees:

  • Abundex Pty Ltd (Deregistered), ACN 059 248 289
  • Marathon Asset Management (Australia) Limited (Deregistered), ACN 078 856 685
  • Pengana Investment Management Limited, ACN 063 081 612
  • IBM Superlife Services Pty Limited, ACN 116 067 602
  • Investorlink Pty Ltd, ACN 006 770 092
  • Capstone Capital Pty Ltd, ACN 102 727 257
  • Robert Leslie Rogers, ABN 87 597 632 099

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

7. Notice is given on 29 May 2018 that the Australian Securities and Investments Commission intends to discharge wholly the security lodged by the following licensees:

  • A.C.N. 099 036 361 Pty Ltd (Under External Administration), ACN 099 036 361
  • State Development Fund Limited, ACN 093 639 064
  • Accredited Financial Services Pty Ltd, ACN 107 092 071

Claims made against this security must be lodged with ASIC by not later than three months from the date of this notice.

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Last updated: 20/10/2014 12:00