ASIC has suspended the AFS license of a Queensland financial services provider for three months.
Longhou Capital Markets has copped the suspension following the appointment of voluntary administrator Christopher Darin, of Worrells Solvency & Forensic Accountants on 28 February.
The suspension will end 12 June 2020.
As at 13 March, Longhou had 18 authorised representatives providing financial services on its behalf.
The authorised representatives were able to provide advice and dealing services in relation to a range of financial products, including securities and derivatives.
The suspension of Longhou’s licence means that these authorised representatives must immediately cease providing financial services on Longhou’s behalf.
Longhou has held its license since 17 November 2005.
The Gold Coast firm, described as a boutique investment advisory and online trading firm on its website, offered financial, advisory and funds management services.
Prior to 15 April 2016, Longhou was previously known as Avestra Capital from 15 October 2008 and as AG Capital Markets from 13 March 2015.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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