Societe Generale Securities conditions removed by ASIC
Societe Generale Securities Australia (SGSAPL) has seen its additional financial services (AFS) licence conditions imposed a year ago removed from 3 June, 2021 by the Australian Securities and Investments Commission (ASIC).
The conditions were imposed with regards to assessment and testing the firm’s adequacy and effectiveness controls, systems and processes in order to be compliant with the requirements of the Corporations Act 2001 and required an appointment of an independent expert.
The corporate regulator confirmed that SGSAPL had now fulfilled the extra conditions, including the obligation to provide attestations from a senior executive and a board member to ASIC, and published a summary of the independent expert’s final report provided to ASIC under the conditions.
ASIC said that the additional conditions were imposed on the firm following an investigation by ASIC into reports lodged by SGSAPL concerning breaches of the ‘client money’ provisions of the Corporations Act.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.