Financial services company enters EU with ASIC
The corporate regulator has accepted an enforceable undertaking from a Sydney-based AFSL holder that failed to comply with licensing requirements and properly monitor authorised representatives.
ASIC has announced that the director of AIE Fiduciary Services, Manish Babulal Jani, has entered into an EU that would see him prevented from managing a company or providing financial services for five years and two years respectively.
An ASIC investigation conducted in 2013 found Mr Jani to be in breach of a number of AFSL obligations, including the "failure" to maintain proper records and accounts; to adequately supervise authorised representatives of the licence; to retain a dispute resolution system; and to have appropriate risk management processes in place.
"Directors hold a position of trust in any organisation and they must adhere to their obligations," ASIC deputy chairman Peter Kell said.
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 ...