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Licensee Allied Financial Solutions is set for an external review after failures were found in its record-keeping for an authorised representative, forming part of ASIC's broader push to catch non-compliance in advice and accounting firms.
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Record-keeping holes catch out licensee in ASIC dig
07 June 2018
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8 minute read
The scope of the independent external review will include record-keeping, supervision and compliance arrangements.
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During surveillance of one of Allied's authorised representatives, ASIC found the licensee failed to keep advice records, and also found holes in compliance processes and procedures.
Further, ASIC found Allied didn't adequately supervise the relevant authorised representative, and advice audits were not conducted.
The corporate regulator acknowledged Allied's cooperation and constructive action to address its concerns.
ASIC is likely to be taking no prisoners in the wake of the royal commission, and in line with warnings about licensee compliance procedures since the end of the accountants exemption.
Some fear that well-meaning firms will be caught out by ASIC's wide net.
“If you look under the hood of any business, there’s always going to be something they could have done better, and that’s not to say that they’re not a good business,” said Licensing for Accountants chief executive, Kath Bowler.
“They don’t want to get caught up in having their names tarnished just because ASIC needs to go and find fault. That’s really not getting to the heart of the issue,” she said.
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