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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 11 Dec 2018ASIC cancels AFSL of Queensland groupBy Eliot Hastie
- 11 Dec 2018Liberal Party has done ‘almost nothing’ for advisersBy James Mitchell
- 11 Dec 2018Better advice complaints resolution needed, says ASICBy Adrian Flores
- 11 Dec 2018Wealth management holders unlikely to seek adviceBy Sarah Simpkins
- 10 Dec 2018Only 12% of advice practices have exit plansBy Adrian Flores
- 10 Dec 2018CIPRs need to account for future mortality rates, study findsBy Adrian Flores
- view all
