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.
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