ASIC has suspended the Australian financial services (AFS) licence of Alice Springs-based financial services provider HJ Shortland & Co Wealth Management Pty Ltd (HJ Shortland & Co) for a period of six months effective 20 June 2022.
The licence was suspended because HJ Shortland & Co has ceased to carry on a financial services business. HJ Shortland & Co ceased to carry on a financial services business because its sole director, Harris Shortland, was incarcerated. Mr Shortland has lodged an appeal against his conviction. The appeal is due to be heard later this year.
ASIC acted to suspend HJ Shortland & Co’s AFS licence for six months to allow time for the appeal to be heard and determined and to ensure that the HJ Shortland & Co takes the necessary steps to meet the obligations of an AFS licensee before recommencing its financial services business.
HJ Shortland & Co has held AFS licence number 324909 since 1 July 2008. The licensee may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.