The corporate regulator will put focus on AFSLs’ monitoring and supervision of advisers as part of its enforcement initiatives over the next six months.
In its latest enforcement update, ASIC said it would place “particular attention” on supervision by licensees to “ensure that the services covered by the licence are provided efficiently, honestly and fairly”.
Conflicted remuneration and fees-for-no-service will also be focuses for the regulator, the update said.
Data included in the update also showed that between January and June 2018, ASIC used administrative methods to remedy 58 per cent of financial services misconduct cases brought to its attention.
The second most common means of remedying misconduct through this period were civil penalties (19 per cent), followed by enforceable undertakings (10 per cent).
Criminal penalties were used in only 2 per cent of ASIC’s enforcement during this period.
Managed accounts are key to ensuring the sustainability of an advice practice, experts have said.
Insignia believes advisers should be issued a practicing certificate by a centralised body.
The corporate regulator has put out a call, advising any person who is concerned they have received financial services from, or invested with, Ashley ...
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