PIS enters enforceable undertaking with ASIC
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from Professional Investment Services in December.
The EU relates to ASIC’s concerns over the financial services firm’s compliance with its legal obligations as an Australian financial services licence holder following surveillances conducted by ASIC, the regulator stated.
An independent expert will review and make recommendations around specific areas of the firm’s compliance addressed in the EU, including the management of conflicts of interest, breach reporting, dispute resolution, record keeping, adviser training and competence and compliance with the Corporations Act, ASIC stated.
The EU allows 12 months for PIS to address any deficiencies identified, including the compensation of clients for any loss suffered arising out of those deficiencies, according to ASIC.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
