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.
Many people who dipped into their superannuation under the early release scheme ...
Software providers Brokerpad and Optimo Financial have rolled out an integrated ...
First Sentier Investors has completed its global rebrand process, axing the name...
Get the latest news! Subscribe to the ifa bulletin
Copyright © 2020 Independent Financial Adviser
Get notifications in real time and stay up to date with content that matters to you.
