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.

Background

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.

Editor's note:

ASIC has extended the suspension of HJ Shortland & Co Wealth Management Pty Ltd’s AFS licence to 5 June 2023 pending the outcome of the appeal.

Editor's note 2:

ASIC has extended the suspension of HJ Shortland & Co Wealth Management Pty Ltd’s AFS licence to 5 December 2023 pending the outcome of the appeal.

Editor's note 3:

ASIC has extended the suspension of HJ Shortland & Co Wealth Management Pty Ltd’s AFS licence to 30 April 2024 in order to enable Mr. Shortland, as the sole director and key person, to seek advice and make submissions to ASIC in relation to the licence.

Editor's note 4:

ASIC has cancelled the AFS licence of HJ Shortland & Co Wealth Management Pty Ltd, effective 15 March 2024, as it has ceased to carry on a financial services business.