The corporate regulator has imposed licensing conditions on Morgans Financial Limited after it identified concerns with the firm's arrangements for monitoring and supervising its representatives after "a number of serious breach incidents".
According to an ASIC statement, Morgans Financial, a provider of financial services that include advice, has agreed to the imposition of new conditions on its AFSL.
ASIC said this action follows a number of activities, including a surveillance of Morgans' compliance with financial services laws and, in particular, the general obligations of financial services licensees.
"ASIC's surveillance identified concerns relating to Morgans' arrangements for monitoring and supervising its representatives after a number of serious breach incidents over recent years, which in Morgans' case, is compounded by its extensive representative and branch network," the statement said.
The licence conditions include an agreement to appoint an independent compliance consultant to review and evaluate compliance measures.
"The independent compliance consultant will report to ASIC and Morgans early next year on the adequacy of these measures and provide recommendations as to any steps that should be taken to ensure that Morgans' compliance measures are adequate," ASIC said.
"The licence conditions also require Morgans to advise ASIC of any recommendations Morgans do not propose to implement and provide reasons for any such decision."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- 20 Oct 2017Treasurer introduces BEAR legislationBy Aleks Vickovich
- 20 Oct 2017Westpac to refund $65m to customersBy Annie Kane
- 20 Oct 2017Survey tips independent takeoverBy Aleks Vickovich and Jessica Yun
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- view all