AFSL holder Allied Financial Solutions has reached an agreement with ASIC to undergo an independent external audit after the corporate regulator’s surveillance found inadequate record-keeping practices.
In a statement, ASIC said independent external reviewer will review Allied Financial Solutions’ record-keeping, supervision and compliance arrangements after the regulator’s surveillance found the licensee hadn’t kept any records of an authorised representative.
“A further review of Allied’s documentation identified concerns surrounding the adequacy of their compliance processes and procedures,” the statement said.
“ASIC also found that they had not adequately supervised the relevant authorised representative, including failing to conduct advice audits.”
The independent expert will review and assess Allied Financial Solutions’ practices and make recommendations regarding the business’ compliance with financial services law, and subsequently assess the implementation of those recommendations.
Further, the independent expert will be required to report back to both Allied Financial Solutions and ASIC, the statement said.
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