Woodsford can now fund class actions in Australia
We are delighted that we have been granted an Australian financial services (AFS) licence by the Australian Securities Investment Commission (ASIC) authorising us to fund class actions in Australia as Managed Investment Schemes under new regulations which came into effect last year.
Woodsford is now one of a small number of litigation funders, and the first overseas funder, able to fund new class actions in Australia under the changed regulatory landscape.
Woodsford’s wholly owned subsidiary, Woodsford Australia Limited, has been granted the AFS licence. Having already funded numerous class actions prior to the introduction of new regulations in 2020, Woodsford is now one of a small number of litigation funders able to fund new class actions in Australia under the changed regulatory landscape.
Charlie Morris, Woodsford’s Chief Investment Officer for EMEA and APAC commented, “Woodsford is delighted to have been granted an AFS licence by ASIC and is intent on funding many new, meritorious class actions in Australia. We are currently considering a number of class action opportunities in Australia, in addition to those we have already funded, and are committed to continuing to provide avenues for Australian claimants to access justice.”
Australian lawyer Alex Hickson who is relocating from Woodsford’s London headquarters to Australia to take up the position of Senior Investment Officer, commented: “I have thoroughly enjoyed being a part of the team in the London headquarters of Woodsford, helping our Australian business grow from afar. Now is a great time for my return to Australia, with Woodsford well positioned to become further entrenched in the Australian legal world.”
The grant of Woodsford’ AFSL and Alex’s relocation illustrate the importance of the Australian market to Woodsford. Alex will team up with Brisbane-based Clare Owen, Woodsford Australia’s Director and Head of Origination. Clare added: “The granting of the AFS licence and Alex’s relocation to Australia is testament to our commitment to and success in the Australian market. It is exciting times for Woodsford’s Australian business which continues to go from strength to strength and which I’m proud to be a part of.”
You can read the full press release here.