The company has finalised a number of improvements to its internal processes intended to keep it compliant with relevant laws, after it agreed to engage an independent reviewer in December last year.
The improvements include changes to Carwardine Financial Services’ record keeping, monitoring and reporting processes, and the independent expert that reviewed the business is now “satisfied” the new processes are enough for the company to meet its AFSL obligations.
ASIC’s push for the company to engage an independent expert for a review followed surveillance from the regulator, which highlighted a number of concerns over the appropriateness of advice given by Carwardine Financial Services, as well as its capacity to meet its best interests duty.
ASIC noted that Carwardine Financial Services was co-operative and took “constructive action” to address the regulator’s concerns.
Finally… ASIC actually encourages and promotes self improvement of practices/advisers instead of ripping into them as they usually do. Good to see the practice acknowledge and move forward too.
I like this industry so like seeing good relationships and results between regulators and practices