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
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- 15 Aug 2018CFS required no proof for service fees, RC hearsBy Killian Plastow
- view all
