Ten licensees have made changes to operations after being found guilty of providing "deficient" complex product advice, with a mixture of bank-aligned and independently-owned firms named.
Following a December 2013 review of retail structured products, ASIC has released the details about the actions taken by 10 advice licensees.
An ASIC statement said surveillance and regulatory actions led to:
"Licensees commencing a wider review of relevant advisers and clients to determine whether breaches of disclosure or conduct requirements had occurred, the extent of those breaches, and whether client, adviser and licensee remediation was required;
"Two of the licensees submitting notifications of significant breaches to ASIC one licensee terminating the authorisations of a corporate authorised representative and two individual authorised representatives, after identifying systemic breaches by those representatives, and;
"Other remedial actions by licensees including client compensation, fee or commission refunds, corrective or improved disclosure, increased supervision and monitoring of advisers, and changes to licensees' systems and procedures for providing advice on complex products."
The 10 licensees affected by the probe are:
ASIC says it does not expect superannuation trustees to check every SOA, despite concerns that the first QAR bill would ...
A new report from Adviser Ratings revealed more advice firms are actively working to increase their client load, ...
The FSC CEO has acknowledged the scepticism around adding advice businesses to the board but said the industry body is ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin