AMP Horizons improves advice after ASIC rebuke
AMP Horizons has made changes to its advice processes after they were found wanting by the Australian Securities and Investments Commission (ASIC).
A surveillance by ASIC found the quality of the organisation's advice recommendations, aspects of the advice process when obtaining client information, and the ways clients' reasons for seeking advice were identified, were "not of the standard expected of an Australian financial services licensee".
In response to the concerns raised by ASIC, AMP Horizons has made changes to the oversight of its advisers and "enhanced its quality assurance process at the point before clients are provided with advice".
Specifically, AMP Horizons has implemented a program of advice policy reviews; revised its advice template documentation; restructured its planner supervision arrangements; and put in place a training program for planners and those responsible for planning supervision.
ASIC Commissioner Peter Kell commended AMP Horizons for its "constructive and prompt action" taken in response to the regulator's concerns.
"ASIC will continue to closely monitor the financial advice industry and what is provided to consumers by way advice," said Kell.
"For consumers to have confidence in the advice process it is essential they receive good quality financial advice that properly considers their circumstances and meets their needs," he said.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
