Societe Generale Securities conditions removed by ASIC
Societe Generale Securities Australia (SGSAPL) has seen its additional financial services (AFS) licence conditions imposed a year ago removed from 3 June, 2021 by the Australian Securities and Investments Commission (ASIC).
The conditions were imposed with regards to assessment and testing the firm’s adequacy and effectiveness controls, systems and processes in order to be compliant with the requirements of the Corporations Act 2001 and required an appointment of an independent expert.
The corporate regulator confirmed that SGSAPL had now fulfilled the extra conditions, including the obligation to provide attestations from a senior executive and a board member to ASIC, and published a summary of the independent expert’s final report provided to ASIC under the conditions.
ASIC said that the additional conditions were imposed on the firm following an investigation by ASIC into reports lodged by SGSAPL concerning breaches of the ‘client money’ provisions of the Corporations Act.
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
