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.
Financial advisers won’t get any relief from the $20 million sub-sector cap, however the revised estimate for the ...
The corporate regulator said it is “considering what options” it has to hold super trustees, such as Macquarie and ...
In what Wealth Data has described as a “bloodbath”, adviser losses for the end of June have come in 143 per cent higher ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin