Qld advice group makes changes following ASIC concerns
The Australian Securities and Investments Commission (ASIC) has imposed new licence conditions on non-aligned, Brisbane-based financial planning group Sentinel Private Wealth, including the appointment of a dedicated compliance officer.
ASIC made the moves following concerns over the company's compliance with financial services laws which were revealed by an independent review commissioned by Sentinel.
The review found there were a number of compliance issues including having inadequate measures to manage their risks and effectively monitor and supervise its staff.
ASIC stated that to ensure Sentinel deal with the issues raised in the review it would also need to appoint an independent compliance consultant to review the group's current compliance arrangements.
The independent consultant will focus on Sentinel's response to its own original compliance report, the adequacy of Sentinel's policies and procedures and would test Sentinel's application of its policies and procedures before producing a report for ASIC.
The regulator acknowledges the proactive approach taken by Sentinel to improve its standard and comply with its licence obligations.
Sentinel was previously known as Vault Advisory Services until mid-2013 and prior to that was known as Bespoke Financial Partners from late 2009 to late 2010. The group is currently led by Brad Gunn while former WealthSure adviser David Bertram holds the role of compliance manager with Sentinel.
AUTHOR
Jason Spits
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
