After an investigation found that HNW Planning was not adequately monitoring and supervising its representatives, the Australian Securities and Investments Commission (ASIC) has slapped more conditions on the firm’s Australian financial services licence (AFSL).
The corporate regulator’s initial surveillance of one of HNW’s authorised representatives led to a broader surveillance of the group, which found that its audit processes weren’t adequate enough to ensure authorised representatives complied with best interests duties and obligations.
The additional licence conditions imposed by ASIC would require the firm to engage an independent expert to make recommendations on how to improve its monitoring and supervision processes and to subsequently test and report on the effectiveness of those improvements.
The imposition is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
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