ASIC has appointed an external expert to monitor compliance with licence conditions placed on Commonwealth Financial Planning and Financial Wisdom.
The corporate regulator has appointed KordaMentha Forensic to examine operations within the two licensees, on the lookout for “high risk advisers and affected customers” as well as compliance with the licence conditions announced by ASIC earlier this year.
“ASIC will release the findings, and CFPL and FWL will be required to address any deficiencies identified,” said an ASIC statement.
“ASIC imposed the conditions on CFPL and FWL – and flagged it would appoint an external compliance expert – after a scheme developed to compensate customers of former CFPL advisers was not applied consistently across all affected customers of the two businesses.”
There were 25 winners at the first-ever Australian Wealth Management Awards, held in Sydney tonight. The Australian ...
The shadow treasurer says there was an opportunity to improve the advice industry with the Delivering Better Financial ...
Superannuation funds have thrown their support behind the reforms but want a “clear statement” that they will not be ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin