Stake is a popular trading app that gained fame as Australians sought low-cost ways to invest in US companies like Tesla (TSLA), is proud to announce a major milestone.
Starting from July 29, 2024, Stake will operate under its own Australian Financial Services Licence (AFSL), marking an exciting step forward in its mission to help Australians manage and grow their wealth.
What is an Australian Financial Services Licence (AFSL)?
An AFSL is a licence granted by the Australian Securities and Investments Commission (ASIC), authorizing the holder to conduct a financial services business in Australia.
To obtain an AFSL, companies must demonstrate that they meet stringent standards in areas such as financial resources, compliance, and internal training.
How Has Stake Operated Until Now?
Until now, Stake has provided financial services as an authorized representative of Sanlam Private Wealth Pty Ltd and Airwallex Pty Ltd, both of which hold their own AFSLs.
From Monday, July 29, Stake will transition to offering services as an authorized representative of Stakeshop AFSL Pty Ltd (AFSL no. 548196), another company within the Stake group.
What Does This Mean for Stake Users?
For most users, the transition to Stake’s own AFSL will be seamless. However, there will be a change in how AUD customer funds are held. By law, all customer funds must be held on trust by an AFSL holder, typically at a bank.
Currently, the AUD funds of Stake customers are held on trust with an authorized deposit-taking institution (ADI) by Sanlam. Post-transition, these funds will be held on trust by Stakeshop AFSL Pty Ltd, in a new account with the same ADI.
Customers will continue to have their unique account numbers and BSBs, allowing them to manage their money as usual.
Where Can You Learn More?
Stake has updated its Terms and Conditions and Financial Services Guide, which will take effect from July 29, 2024. For any questions or further information, customers are encouraged to contact Stake directly.
This transition underscores Stake’s commitment to providing robust and reliable financial services, further solidifying its position as a leading trading platform for Australian investors.
More information at https://hellostake.com/au/legal/financial-services-guide-from-29-july-2024
If you’re not already a Stake customer, you can sign up using our referral link – https://hellostake.com/r/jasonc456
