ASIC hits financial planning firm with licence conditions
The corporate regulator has imposed new licence conditions on Sentinel Private Wealth, following concerns over the company's compliance with financial services laws.
As part of those conditions, Sentinel is now required to appoint an independent compliance consultant to review its overall compliance arrangements, according to a statement by ASIC.
An independent review of the financial planning firm – commissioned by Sentinel – found compliance issues, including "having inadequate measures to manage their risks and effectively monitor and supervise its staff," ASIC said.
As a result of the review, Sentinel has appointed a dedicated compliance officer and enhanced its policies and procedures, the statement said.
To ensure the company has adequately responded to the deficiencies identified, ASIC now requires the independent compliance consultant to consider Sentinel's response to the findings and recommendations in the original compliance report.
In addition, the consultant will assess the adequacy and sample test Sentinel's new policies and procedures.
The consultant will report the findings to ASIC. Sentinel will be required to address any deficiencies identified by the review, the statement said.
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