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CA firm changes advice processes after ASIC action

Following an external review of its compliance with financial services laws, a Queensland-based AFSL holder has finalised a series of internal changes for the satisfaction of the corporate regulator.

Tax&Compliance Katarina Taurian 21 November 2017
— 1 minute read

Carwardine Financial Services has made changes, including improvements in record keeping and increased monitoring and reporting within its compliance functions.

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This follows an agreement in December 2016 to engage an independent expert who would review, assess and make recommendations regarding CFS’s compliance with its financial services obligations.

It appears that Carwardine Financial Services, the licensed entity, is a wholly owned subsidiary of Carwardine and Associates, which advertises itself as chartered accountants.

“The independent expert is satisfied that CFS’s compliance arrangements are adequate to meet its obligations under its AFS licence,” ASIC said in a statement on Tuesday, 12 November.

“CFS has cooperated with ASIC’s enquiries and ASIC acknowledges the constructive action taken by CFS to address ASIC’s concerns,” ASIC said.

Carwardine and Associates did not respond to Accountants Daily’s requests for comment.

 

CA firm changes advice processes after ASIC action
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Tax&Compliance