Guardian Advice has issued a formal response to the announcement of new licence conditions imposed by ASIC.
The Suncorp-owned dealer group released a statement acknowledging the AFSL conditions, which were ordered after an ASIC investigation found “deficiencies” in the dealer group’s advice to retail clients.
In the statement, a Guardian Financial Planning spokesperson said ASIC had found “a number of improvements that could be made” and the company was co-operating with ASIC to implement the changes.
“GFP takes ASIC’s findings very seriously and are working with ASIC to ensure the necessary improvements are implemented by the business,” the spokesperson said.
“The life insurance and advice industries are undergoing widespread reform and GFP accepts that it is appropriate that there is greater scrutiny of these industries."
“GFP is confident it can seize this opportunity to improve our business, including improvements in adviser recruitment, training and adviser audit processes."
The action comes after surveillance of Guardian by ASIC found the dealer group “was not complying with its general obligations as an AFSL holder, including failing to properly supervise its authorised representatives.”
The regulator has banned a financial adviser for five years and cancelled his firm’s AFSL. The Australian Securities ...
The lack of visibility and consistent regulatory instability are stopping prospective talent from entering the advice ...
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin