The parent company of Professional Investment Services has heralded significant changes implemented at the dealer group since entering an EU with ASIC in 2010.
Yesterday ASIC announced that the nine-month monitoring program at PIS, conducted by an external auditor, had come to an end, with the licensee found to be making progress in line with the corporate regulator’s wishes.
Commenting on the conclusion of the review, Centrepoint Alliance managing director John De Zwart issued a statement highlighting the “transformational strides” made in recent times.
“We are very pleased to announce the conclusion of Professional Investment Services’ ongoing monitoring program with ASIC,” Mr De Zwart said.
“This is another key milestone in the execution of the group’s strategy and most importantly, increasing the quality of financial advice Australians receive.”
The statement makes clear that “following the conclusion of the [review], neither PIS, nor any entity within the Centrepoint Group, have any regulatory actions underway or any non-standard ongoing licence conditions”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Oct 2018Private banking has no place for bad advisersBy Eliot Hastie
- 17 Oct 2018CBA admits failure to tackle conflicted adviceBy James Mitchell
- 16 Oct 2018NAB to address advice issues in $314m payoutBy Eliot Hastie
- 16 Oct 2018Former BT exec joins mortgage and financial advice groupBy Reporter
- 16 Oct 2018ANZ under fire over ‘conflicted’ IOOF dealBy James Mitchell
- 16 Oct 2018Advisers should be early call in divorce casesBy Adrian Flores
- view all