Australia financial regulator ASIC has announced that it has suspended the Australian financial services (AFS) license of Probis Financial Services Pty Ltd, after it was placed into voluntary administration on 17 July 2023.

Probis is a Sydney-based financial service provider authorised by ASIC (AFSL 338241) to issue OTC derivative contracts (including Margined FX and Contract for Difference contracts) to both retail and wholesale clients. The company is also authorised to act as trustee for unregistered managed investment schemes which can be accessed by wholesale clients only, and to act as responsible entity for AAWM, a registered managed investment scheme, which can be accessed by retail investors.

The suspension includes a provision that requires Probis to continue as a member of Australian Financial Complaints Authority, with arrangements for compensating retail clients in place until the end of 30 October 2023.

On 17 July 2023, Richard Albarran, Brent Kijurina, Cameron Shaw and Aaron Dominish, of Hall Chadwick, were appointed as voluntary administrators of Probis.

Prior to suspension, Probis’ license permitted it to:

• provide general advice and deal in specified financial products;
• make a market in foreign exchange contracts and derivatives;
• operate a registered managed investment scheme in financial assets; and
• provide custodial and depository services to retail and wholesale clients.

Probis may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.