ASIC has hit the company with the requirements after targeted surveillance ruled the firm had poor risk controls around conflict management and was not adequately monitoring and supervising its representatives.
The regulator also found that some clients were provided with advice that failed to meet to meet the best interests duty and related obligations.
The additional licence conditions will require Poynter Hargraves to remove its sole responsible manager and appoint one or more responsible managers with the necessary skills and experience.
Poynter Hargraves will also be required to engage an independent expert to review and make recommendations on how its audit processes and conflict management can be improved.
The independent expert must also pre-vet a sample of advice and report on the effectiveness of the improvements made by Poynter Hargraves.
The firm agreed to the conditions following engagement with the regulator, addressing its concerns.
Poynter Hargraves has held its AFSL since 5 July 2010.
What does this mean for the other advisers working in the business and their FASEA obligations? They might be in trouble with the code monitoring body at some point in the future.
Now that’s a great question and article Sarah simkins
Who are the best responsible managers in Australia that are driving change and capable of turning businesses around
These are the people that are keeping companies and people safe who you never hear about
Best of luck finding a responsible manager that can help completely transform your governance oversight and risk management frameworks
If I were you I would find out who the top 10 responsible managers in the country are and PAY whatever they ask to overhaul your business
Before ASIC does!!
Long time coming but worth the wait – more to come out on this soon !
Agreed. Based on all the rumours over the past decade I am surprised it has taken this long. FASEA doesn’t see the light of day in that place. I’m surprised ASIC allowed them to keep the doors open.
Only 10 years. Maybe the next 10 will be better.