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Showing 1 - 10 of 15 results for "IT processes"

'Licensee for hire' fined $1.25m by court

JAMIE WILLIAMSON  |  THURSDAY, 11 APR 2024
Lanterne Fund Services was issued a $1.25 million penalty by the Federal Court for failing to comply with basic obligations, including operating with almost no compliance staff or risk management processes. In July 2022, ASIC issued civil penalty proceedings ...

Advice from Shartru failed best interests duty, ASIC says

JAMIE WILLIAMSON  |  MONDAY, 31 JUL 2023
ASIC has imposed additional licence conditions on dealer group Shartru Wealth Management, saying representatives have not been adequately supervised, leading to some financial advice provided failing the best interests duty. The additional conditions ...

Super funds consider future of PwC contracts

RACHEL ALEMBAKIS  |  THURSDAY, 8 JUN 2023
Two industry super funds have frozen future contracts with PwC, while others with contracts for audit or other services with the embattled management consultancy are keeping a watchful eye on developments. As reported by Financial Standard, Treasury ...

ASIC imposes licence conditions on Poynter Hargraves

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 FEB 2021
ASIC has hit AFSL Poynter Hargraves Financial Consultants with additional licence conditions, requiring it to remove its sole responsible manager. "This follows a targeted surveillance by ASIC that found Poynter Hargraves had poor risk controls around ...

ISPT writes down assets

JAMIE WILLIAMSON  |  THURSDAY, 10 SEP 2020
... Industry Super Property Trust has spoken of the substantial devaluations a recent review of its holdings resulted in, as it processes about 1400 requests for rental relief. Appearing before the House of Representatives Standing Committee on Economics ...

Perth Mint to review audit processes

KANIKA SOOD  |  MONDAY, 15 JUN 2020
The Perth Mint says it will initiate an independent third-party review of its audit process after an AFR investigation raised concerns about conflicts in how it sources gold. The Western-Australian government owned Perth Mint allegedly buys up to $200 ...

ASIC cracks down on non-compliant AFSL

JAMIE WILLIAMSON  |  MONDAY, 21 JAN 2019
ASIC has slapped additional conditions on the AFSL of an advice practice operating on the New South Wales Central Coast. Surveillance by ASIC showed HNW Planning failed to adequately monitor and supervise its representatives. Its audit processes were ...

ASIC ramps up surveillance and remediation after adviser conflict report

KARREN VERGARA  |  THURSDAY, 25 JAN 2018
ASIC is ramping up its surveillance and remediation processes to help curb further adviser conflicts of interest within vertically integrated institutions. In light of the Report 562 findings, which examined adviser conflicts of interest across bank-owned ...

FSU calls out NAB for lack of standards

JAMIE WILLIAMSON  |  TUESDAY, 20 JUN 2017
Any compliance breaches made by NAB Financial Planning around the incorrect witnessing of Beneficiary Nomination forms prior to 31 May 2017 should not be included in the new conduct background check protocol. That is the view of the Finance Sector Union ...

Adviser contravenes FoFA obligations

EMMA RAPAPORT  |  MONDAY, 20 MAR 2017
A Melbourne based financial advice provider is to appear in the Federal Court of Australia for alleged contraventions of the Future of Financial Advice obligations. Following an ASIC investigation, Wealth and Risk Management (WRM), and its related companies ...
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