The corporate regulator has accepted an enforceable undertaking from a Sydney-based AFSL holder after an investigation found concerns about supervision of authorised representatives.
According to an ASIC statement, Sydney-based Spring Financial Group Pty Ltd has entered into an EU, and will appoint an independent consultant to review its business operations and report directly to the regulator.
“ASIC’s investigation into Spring Financial found deficiencies in the group’s compliance measures, including: monitoring and supervision of authorised representatives activities to ensure compliance with the financial services law, and insufficient training processes and education of authorised representatives,” the statement said.
The EU follows ASIC’s ongoing investigation into Spring Financial authorised representative Royale Capital as well as other related entities.
“ASIC is continuing to closely scrutinise licensees’ obligations to demonstrate adequate monitoring and supervision and will not hesitate to take action where we find those practices deficient,” said ASIC acting chairman Greg Tanzer.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Nov 2018ClearView launches dealer services offerBy Adrian Flores
- 19 Nov 2018Lonsec introduces super research to advisersBy Sarah Simpkins
- 19 Nov 2018FASEA releases standards blueprintBy Eliot Hastie
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- view all