Melbourne-based financial planning firm, Allied Financial Solutions will be subjected to an independent external review of its record keeping, supervision and compliance arrangements following surveillance by the Australian Securities and Investments Commission (ASIC).
The external review relates to the Melbourne firm’s only non-in-house authorised representative.
The regulator announced today that the external review had been prompted by surveillance of an Allied authorised representative and further investigations which identified concerns around the adequacy of the firm’s compliance processes and procedures.
The ASIC announcement said the regulator had also found that Allied had not adequately supervised the relevant authorised representative, including failing to conduct advice audits.
It said Allied had agreed to engage an independent expert who will review, assess and make recommendations regarding Allied’s compliance with relevant financial services laws. The review would subsequently assess whether recommendations had been implemented effectively.
The independent expert will report to both ASIC and Allied.
The ASIC announcement noted that Allied had co-operated fully with ASIC’s enquiries and ASIC “acknowledges the constructive action taken by Allied to address its concerns”.
“ASIC notes that the authorised representative is no longer with Allied and was the only external (non in-house) authorised representative of the licensee,” the announcement said.