AMP Financial Planning has stopped providing managed discretionary account (MDA) services following the imposition of tailored licence conditions by ASIC.
The services came to a halt on 10 December, ASIC said in a statement.
Under the tailored licence conditions, a senior executive of AMPFP was required to provide an acceptable attestation to ASIC by 30 September 2019 confirming that it had complied with and was complying with the tailored conditions.
ASIC said this was to ensure that all of the required improvements to monitoring and supervision practices had been implemented and were operating effectively.
Subsequently, AMPFP did not provide ASIC with an acceptable attestation in relation to its provision of MDA services.
The attestation provided by AMPFP had exceptions, which ASIC deemed unacceptable, and AMPFP ceased providing MDA services in accordance with its licence conditions.
In March, following a surveillance of AMPFP’s MDA services and advice business, ASIC granted AMPFP’s application to vary its AFSL to provide MDA services subject to some tailored licence conditions.
The tailored conditions formalised commitments made by AMPFP in response to ASIC’s concerns to improve monitoring and supervision of its discretionary investment services and related financial advice.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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