Carwardine Financial completes compliance review

The corporate regulator has announced non-aligned Carwardine Financial Services has completed a request to conduct an independent review into its compliance with numerous financial services laws.

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>The company has finalised a number of improvements to its internal processes intended to keep it compliant with relevant laws, after it agreed to engage an independent reviewer in December last year.

The improvements include changes to Carwardine Financial Services’ record keeping, monitoring and reporting processes, and the independent expert that reviewed the business is now “satisfied” the new processes are enough for the company to meet its AFSL obligations.

ASIC’s push for the company to engage an independent expert for a review followed surveillance from the regulator, which highlighted a number of concerns over the appropriateness of advice given by Carwardine Financial Services, as well as its capacity to meet its best interests duty.

ASIC noted that Carwardine Financial Services was co-operative and took “constructive action” to address the regulator's concerns.

Carwardine Financial completes compliance review
Carwardine Financial Services, Queensland financial services, ASIC, independent review, best interests duty, best interests obligation
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