ASIC accepts EU from Queensland advisory firm
The Australian Securities and Investment Commission has accepted an enforceable undertaking (EU) from a Gold Coast-based financial advisory group after the regulator found the group was deficient in monitoring and supervising its planners.
The Australian Securities and Investments Commission (ASIC) investigated LCL Capital after a review of the advice provided by one of its authorised representatives, Timothy Bryce, who had previously been employed by Sherwin Financial Planners.
Under the conditions of the EU, the authorised representatives of LCL Capital will be supervised, reviewed and audited by an ASIC-approved, independent senior financial planning expert for at least 15 months.
The oversight and review will also include the implementation on any remedial action plans that may be developed to resolve problems identified by the independent expert.
In accepting the EU, ASIC stated its concerns were related to LCL Capital's alleged failures to ensure that financial services were provided efficiently, honestly and fairly, and that LCL Capital take reasonable steps to ensure that authorised representatives complied with financial services law.
ASIC was also concerned over alleged failures by LCL Capital to demonstrate that adequate resources were made available to provide financial services and to carry out supervisory arrangements, and to ensure that authorised representatives were adequately trained and competent to provide financial services.
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