ASIC has accepted an enforceable undertaking from privately-owned licensee AIW Dealer Services for poor supervision of an authorised representative.
An ASIC investigation found that AIW-aligned firm Otium Advice adopted a “one size fits all” advice model and gave “inappropriate” advice for a client to switch super funds.
Otium chief executive Drew Grosskreutz was handed a three-year ban in October as part of the same investigation.
In a statement, the regulator said it is concerned that AIW may have failed to take reasonable steps to ensure its authorised representatives comply with financial services laws.
Under the terms of the EU, AIW will appoint an independent reviewer.
AIW is a related entity of Astute Financial.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all