The report prepared by KPMG sought to examine NULIS’ meeting of additional licence conditions imposed on it by ASIC after concerns about its pattern of breach notifications during 2015 and 2016.
The licence conditions required NULIS to engage an ASIC-approved independent expert to assess and report on the adequacy of its compliance and risk management practices for its retail and wrap superannuation funds.
ASIC said NULIS agreed to the conditions and KPMG was appointed to review areas such as NULIS’:
- risk management procedures;
- process for implementing product changes, disclosure and reporting to members; and
- procedures for managing conflicts of interest within NULIS’ superannuation business, including the assessment of related-party service providers.
The corporate regulator noted that NULIS accepted all of the report’s recommendations, and reported to ASIC this month that it has implemented the recommended changes to policies and procedures covering governance and reporting lines, product redesign, training, risk management and managing conflicts of interest.
“ASIC remains engaged with NULIS as NULIS seeks to continue to improve its operations and address recommendations made by the financial services royal commission,” ASIC said.
ASIC is also currently taking legal proceedings against NULIS Nominees for charging superannuation members for services that were not provided.
ASIC, I think you have missed the point. You are busy banning small advisers for not having the right paperwork, but letting these organisations go with a nod and a wink. Shame on you.
I agree, but ASIC made them employ and “ASIC approved independent expert”. That’s how it works.
Yes, another pot of gold for KPMG.