AFSL suspended by ASIC

A Queensland-based financial services provider has had its AFS licence suspended, impacting close to 20 financial advisers.

ASIC has suspended the AFS licence of Longhou Capital Markets for three months, expiring June 12 this year.

It follows the appointment of voluntary administrator Worrells Solvency & Forensic Accountants in late February.

According to its website, Longhou Capital Markets is a boutique investment advisory and online trading firm with offices in Varsity Lakes and Sydney.

It reportedly provided financial, advisory and funds management services "through established relationships with some of the most trusted names in the industry".

As of March 13, Longhou Capital Markets had 18 authorised financial advisers working on its behalf, mostly providing securities and derivatives advice.

With the suspension of the firm's AFS licence, ASIC said the 18 advisers must "immediately cease" providing financial services on Longhou Capital Markets' behalf.

Longhou Capital Markets was previously known as Avestra Capital, and prior to this the firm traded as AG Capital Markets.

Read more: Longhou Capital MarketsASIC
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