ASIC has announced that Carwardine Financial Services will undergo an independent external review of its advice business.
According to a statement, the review comes after an ASIC surveillance – which concluded in September 2016 – found concerns surrounding compliance with the obligation to act in the best interests of clients and the appropriateness of advice provided.
ASIC said it also had concerns about Carwardine's resources to ensure it complied with its obligations as a licensee and carry out supervisory arrangements. There were also concerns about Carwardine's ability to ensure its representatives comply with financial services laws.
As a result, “Carwardine has agreed to engage an independent expert who will review, assess and make recommendations regarding Carwardine's compliance with the financial services laws”, the statement said.
“The expert will also assess whether recommendations made have been implemented effectively,” the statement said.
The independent expert will report to ASIC and Carwardine.
CFS has co-operated fully with ASIC’s inquiries and ASIC acknowledges the constructive action taken by Carwardine to address its concerns, the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- 16 Mar 2018NAB launches virtual assistant for superBy Staff Reporter
- 15 Mar 2018IFA-focused platforms open to new strategiesBy Staff Reporter
- 15 Mar 2018Deakin eyes advisers to fill staff demandBy Killian Plastow
- 15 Mar 2018Adviser Innovation Summit 2018 agenda announcedBy Staff Reporter
- view all