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.
