ASIC Suspends HLK Group Pty Ltd's AFS License

The Australian Securities and Investments Commission (ASIC) has announced the suspension of HLK Group Pty Ltd's Australian Financial Services (AFS) license. The suspension is set for six months, lasting until December 27, 2024.

The decision comes as HLK Group has ceased operating its financial services business. The AFS license, initially granted to HLK Group on May 31, 2013, under license number 435746, permitted the company to offer financial product advice and deal in various financial products for both retail and wholesale clients. However, HLK Group currently has no active retail or wholesale clients, leading to the suspension.

ASIC's action underscores the regulatory body's commitment to ensuring that AFS license holders actively provide financial services to their clients. Companies that fail to do so risk losing their licenses, as demonstrated in this case.