ASIC imposes licence conditions on Morgans Financial
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."
Regulators lose again to major institutions
The prudential regulator has been unsuccessful in its attempt to take legal acti...
Sunsuper names new CEO
Industry fund Sunsuper has appointed a new chief executive to lead the fund thr...
Aussie investment banking revenue plunged 27.9%
Activities in Australian investment banking generated US$1.4 billion in the firs...