In a statement yesterday, ASIC announced it has finished monitoring Lionsgate Financial Group after conditions were imposed on the licensee’s AFSL back in 2013.
ASIC imposed the licence conditions on the group in 2013 after concerns that Lionsgate was not sufficiently monitoring its representatives’ competence to provide financial services and act within financial services laws when providing advice to clients.
According to ASIC’s statement yesterday, the AFSL conditions required the appointment of an independent expert to review all aspects of Lionsgate’s arrangements for compliance with its general licensee obligations.
For a set period of time the expert also audited advice provided by Lionsgate’s representatives, ASIC said.
Following the implementation of recommendations made by the expert, a second independent expert was engaged to confirm all reforms were embedded and sustainable, the statement said.
ASIC said that Lionsgate had demonstrated a commitment to implement appropriate arrangements for compliance and shown that these arrangements could continue to be developed internally.
As a result, ASIC has concluded its monitoring of Lionsgate.
“ASIC acknowledges the co-operation shown by Lionsgate to address ASIC’s concerns and respond to the recommendations made by the experts,” the statement said.
