Professional Investment Services will enter a nine month monitoring program as part of its enforceable undertaking with the Australian Securities and Investments Commission.
An independent expert will ensure the group’s advice processes meet the standards set out in the EU, according to a statement from ASIC.
The monitoring will “test compliance of PIS’s personal advice with regulatory requirements, its ability to identify poor advice and the effectiveness of its advice audit and pre-vet functions,” ASIC stated.
The PIS EU was accepted in December 2010 and concluded in March 2012. ASIC said it still had concerns the group’s compliance and audit functions required further work and will follow up on EU outcomes where necessary.
The expert will report back to ASIC each quarter. According to ASIC PIS currently has 527 advisers.
ASIC acknowledged the work already done by PIS as a result of the EU and said the group had cooperated with ASIC’s inquiries.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 19 Sep 2018Linchpin funded advice business in liquidationBy James Mitchell
- 19 Sep 2018McMaster: Where was ASIC on Beacon, CBA and AMP?By James Mitchell
- 18 Sep 2018Peter Kell resigns as deputy chair of ASICBy Eliot Hastie
- 18 Sep 2018Two former Macquarie advisers given 10-year banBy Adrian Flores
- 19 Sep 2018Raiz addresses Millennial advice gap with chatbotBy Reporter
- 18 Sep 2018FASEA a ‘disaster’ destroying the industry: AIOFPBy James Mitchell
- view all
