ASIC has appointed an external expert to monitor compliance with licence conditions placed on Commonwealth Financial Planning and Financial Wisdom.
The corporate regulator has appointed KordaMentha Forensic to examine operations within the two licensees, on the lookout for “high risk advisers and affected customers” as well as compliance with the licence conditions announced by ASIC earlier this year.
“ASIC will release the findings, and CFPL and FWL will be required to address any deficiencies identified,” said an ASIC statement.
“ASIC imposed the conditions on CFPL and FWL – and flagged it would appoint an external compliance expert – after a scheme developed to compensate customers of former CFPL advisers was not applied consistently across all affected customers of the two businesses.”
FASEA has approved a range of additional historical degrees and qualifications, ...
An industry body says the advice sector has an important role to play in helping...
A former managing partner at listed financial services company Perpetual has joi...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.
