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.
The professional body for the stockbroking and financial advice industry has called on the government to “urgently” review the ASIC levy model. ...
The Association of Financial Advisers (AFA) has confirmed the appointment of a new chief executive. ...
FPA chief executive Dante De Gori has announced he will step down from his role at the end of 2021. ...
Get notifications in real time and stay up to date with content that matters to you.
