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Junior Member
I was told to use the Au form and just enter correct user name. I was also told to check creditor even though I am an investor.
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Junior Member
Just finished listening to the NZ Creditors meeting webcast.......Apparently Halifax NZ was/is solvent but is owned 70% by Halifax Australia. There is a slight possibility that Halifax NZ could be dropped from Administration and resume trading on its own, or there is also the possibility that Halifax NZ could be bought out or bought in by other investors and continue operations, or it could be dragged down by the mess that seems to be mostly in Australia. It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated.
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Junior Member
New updates - sounds like co-mingling of accounts is confirmed...
https://www.ferrierhodgson.com/au/-/media/ferrier/files/documents/corp-recovery-matters/halifax-investment-services/investor-faq-14-january-2019.pdf
- How was this allowed to happen? i.e. NZ FMA doing their job correctly?
- How did an audit not spot this?
- Is there grounds for (criminal?) damages here?
Administrators funding application to the Aus court - https://www.ferrierhodgson.com/au/-/...pplication.pdf
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Junior Member
Got a reply from the FMA about this situation:
"I will begin by explaining the FMA’s role as a regulator. The FMA’s vision is to promote and facilitate the development of fair, efficient and transparent financial markets. As a risk-based conduct regulator, we focus our resources on conduct that we think poses the most significant risk to achieving this objective.
To become a licensed derivatives issuer (DI), as Halifax NZ did, they must first meet the eligibility criteria set out in the Financial Markets Conduct Act 2013 (FMCA). Expectations around the criteria are described in the DI minimum standards.
DI minimum standards: https://fma.govt.nz/assets/Licensing...ce-part-b5.pdf
If granted a licence, as well as maintaining these minimum standards they must also meet the standard conditions.
Standard conditions: https://fma.govt.nz/assets/Complianc...r-licences.pdf
A licence does not mean that a business is immune from getting into financial difficulties. It does however mean that we can monitor, engage and have a greater level of oversight into the affairs of a business than a business that is unlicensed. This then allows us to monitor licensed entities with a risk-based approach.
We recommend that investors contact the administrators, Ferrier Hodgson, directly with any questions regarding the voluntary administration of Halifax:"
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Thanks for posting this NZmagpie. I have limited internet at the moment and am unable to keep a close eye on things at the moment.
Appreciated.
RTM.
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Member
Originally Posted by Chester
Just finished listening to the NZ Creditors meeting webcast.......Apparently Halifax NZ was/is solvent but is owned 70% by Halifax Australia. There is a slight possibility that Halifax NZ could be dropped from Administration and resume trading on its own, or there is also the possibility that Halifax NZ could be bought out or bought in by other investors and continue operations, or it could be dragged down by the mess that seems to be mostly in Australia. It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated.
Lets hope its this scenario for me personally as prior to the collapse i hadent traded for 2 months and held Aussie stock via Hallifax NZ but silly me thought i actually owened these shares under my name but had forgotten to question myself as to why i didnt have an SRN shareholder cert number lol - It was also suggested that investors on the TWS platform are least affected and most secure, and could be first in line to get their assets returned.....Lots of maybes and ifs but better news than our worst fears generated."
Last edited by SCHUMACHER; 24-02-2019 at 02:03 PM.
\"if women didn,t exist , all the money in the world would mean nothing\" Aristotle Anasis.
\"The trend is your friend\"
\"A mans reach should always extend beyond his grasp" J.F Kennedy
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Junior Member
Haha Schumacher, yeah I also thought that I had been buying shares in my name. I started trading through Halifax TWS in order to avoid bank fees when loading funds to My interactive Brokers account based in Hong Kong. I was buying highly speculative Canadian mining shares and was prepared for some losses. The irony is that the stocks have done pretty well and I’ve been wiped out by an Australian ‘counter party’ that I was not aware I had a relationship with - I really must start reading those user agreements!
Anyone seen any updates on the status of TWS? My phone app now lets me place buy bids (previously close only), but I am too scared to close any sell trades as I have no idea where my funds will end up.
I’m kinda amazed at how little news this fiasco has generated- it would seem that the Australian division has been fraudulently using client funds for trading - I believe that over $200 million in client funds are currently frozen!
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Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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Junior Member
Further to my little rant above regarding dodgy dealings - the story now includes a Bentley and a 3.4 million payout to two directors the day before administration...
http://www.sharechat.co.nz/article/0...ifax-mess.html
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What also concerns me is could this happen to other companies as well, such as FNZC, Craigs ? I guess situation is different there as the shares with say Direct Broking are held in ones own name, and not with a custodial service. So exposure would just be the cash . Does this sound correct ?
What a mess.
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