ASIC still concerned over PIS advice
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.
Ex-TAL CFO joins MLC
MLC Life Insurance has hired former TAL chief financial officer Kent Griffin as ...
IOOF facing shareholder class action
Shine Lawyers has indicated it will be commencing a class action against IOOF on...
ETF Securities launches India study tour
ETF Securities is taking seven financial planners from six firms to India, with ...