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ASIC hands down verdict on PIS compliance

The nine-month external review of advice services and compliance procedures of dealer group Professional Investment Services has concluded. 

Having entered into an enforceable undertaking with ASIC in December 2010, PIS has been subject to an ongoing review of its compliance with regulatory requirements and the effectiveness of its audit and remediation program since July 2013.

ASIC has today announced the monitoring process has been completed, with the Centrepoint Alliance-owned dealer group found to be in line with its obligations and reflective of a number of internal cultural changes.

“As part of the program, PIS engaged an independent expert to monitor PIS’s compliance and audit function and to report to ASIC each quarter,” said an ASIC statement.

“The independent expert has reported that PIS has achieved a significant improvement in its compliance and audit functions, along with a commitment to enhancing its financial advice risk management framework.”

In addition, ASIC acknowledged “PIS’s commitment and work undertaken and senior executives’ constructive engagement throughout the process”.