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
- 24 Jan 2019Former Dover and Synchron adviser banned for five yearsBy Eliot Hastie
- 24 Jan 2019Very few Australians save and even fewer invest their moneyBy Reporter
- 24 Jan 2019Advisers undercharging clients for efforts, says CEOBy Adrian Flores
- 23 Jan 2019Adelaide adviser permanently banned from industryBy Eliot Hastie
- 23 Jan 2019Bowen slams ‘woeful’ handling of royal commissionBy James Mitchell
- 23 Jan 2019Gender super gap lower but still at 34%By Adrian Flores
- view all