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.
Need to keep a focus on dates Michelle.
PIS has just successfully completed a 9 month review post the EU.
This article is over a year old, and as another comment mentions, one letter makes all the difference.
So what does it all mean to investors who have sought advice from one of their financial planners? I dare say nothing will be done for the investors who received poor advice and lost a lot of their savings.
Only one letter makes all the difference.
The ASIC release says “ASIC [b]had[/b] concerns that compliance and audit functions required further work.”
Your article says “ASIC [b]has[/b] concerns that compliance and audit functions required further work.”
Get it Right eh?
Edward, which one would you join. I’d say most of them are under the pump from an overhyped regulator who is also under the pump. I thought PIS were making good grounds turning the ship around. I don’t suppose it is of any coincidence that this extra requirement arrives at the same time ASIC is being grilled by the parliament.
Your headline writer just wasn’t trying!
“ASIC still concerned over PIS poor advice”
Yes, PIS would be one of the last licensee’s I would ever join!