AAA was warned on compliance
A former director of AAA Shares and AAA Financial Intelligence has said the banned planning business repeatedly received written reports warning against non-compliance prior to the Australian Securities and Investments Commission (ASIC) cancelling its licence.
Former AAA director Ken Wybrow – who left active duty at AAA in 2007 – said he has been involved in auditing the company in his role as compliance director of Adelaide-based compliance firm Acompli since June of that year.
Acompli is the “external party” mentioned in the ASIC guidance as being engaged to provide audit services, and repeatedly offered advice to AAA.
“We audited AAA advisers at least once a year on their instructions,” Mr Wybrow said. “We submitted reports recommending extensive remedial actions that were required.”
“To an extent, these recommendations were ignored by AAA.”
In addition, Accompli raised concerns over the activities of 30 to 35 of AAA’s authorised representatives with the company’s directors, a number of whom “should not have been working in financial services,” Mr Wybrow said, backing up ASIC’s finding that AAA advisers were not necessarily sufficiently qualified to provide advice.
Mr Wybrow left AAA in 2007 amid concerns over the company’s compliance and record-keeping procedures, three years prior to the commencement of ASIC’s surveillance of AAA.
“In the past three weeks AAA has not requested our advice, though there is probably little we can do for them now,” he said.
Perth adviser given four-year ban
The corporate regulator has banned a Perth-based financial adviser for four year...
ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice i...
PIMCO to bring listed investment trust to Australia
Investment manager PIMCO will bring its first closed-end listed investment trust...