Financial planning and share broking group D&D Tolhurst have agreed to be subject to a court enforceable undertaking after the Australian Securities and Investment Commission (ASIC) became concerned about internal compliance procedures.
ASIC had conducted an investigation into actions of two former Tolhurst proper authority holders after the group brought their activity to the attention of the regulator.
ASIC’s concerns center mainly around Tolhurst’s obligations dealing with licensing conditions and the Corporations Law.
As a result the group has agreed to engage a compliance consultant to review and assess compliance within the company and to report by the end of April on any possible further changes to Tolhurst’s compliance and training programs.
The assessment will cover the supervision and training of representatives, record keeping, ensuring representatives have a reasonable basis for recommendations and procedures for opening new client accounts.
ASIC Western Australia enforcement director Stephen Howell says Tolhurst was already working with the regulator and was implementing changes in line with the undertaking.
