A Sydney-based AFSL holder providing derivatives and foreign exchange products to retail investors has had additional licence conditions imposed by the corporate regulator.
According to a statement released by the Australian Securities and Investments Commission (ASIC), Sydney-based Australian financial services licence (AFSL) holder Roco International Pty Ltd - trading as Roco Forex - has come under fire after the regulator found problems with its risk management systems.
The statement explains that “under the additional licence conditions, Roco will be required to: document its governance, internal control and compliance arrangements for managing market risk; engage an independent expert to review and report on the continuing adequacy and effectiveness of Roco's risk management systems over a two-year period; and implement any recommendations made by the independent expert”.
“Licensees have an obligation to have adequate risk systems in place,” said ASIC commissioner Greg Tanzer.
“This is non-negotiable. These systems play a fundamental role in building investor confidence and ASIC expects nothing less than the highest standards.”
An industry body has called out a recommendation made by the government about the Future Fund, claiming it will put super funds at a “significant di...
One of the most sought-after events on the financial adviser calendar is going online! ...
Colonial First State has appointed BlackRock to help manage investments in its MySuper investment products FirstChoice Employer Super (FCES) and Commo...
Get notifications in real time and stay up to date with content that matters to you.
