ASIC accepts EU from AIW Dealer Services

15 December 2017
| By Oksana Patron |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from financial services licensee AIW Dealer Services to conduct an independent review of its advice processes.

ASIC found that AIW’s representative, Otium Advice, had used a ‘one size fits all’ advice model and advised its clients to switch superannuation funds when it was inappropriate to do so.

Also, the firm had failed to demonstrate the ability, professional skills and knowledge required to competently provide financial product advice.

The corporate regulator said it was concerned that AIW may have failed to take reasonable steps to ensure that its representatives would comply with financial services laws as well as whether it had available adequate resources to provide financial services in order to carry out supervisory arrangements.

According to the EU, AIW acknowledged that these concerns were reasonable and would engage expert to assess and report on the effectiveness of its policies and procedures.

At the same time, ASIC said AIW’s cooperation in connection with the surveillance had been acknowledged.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 3 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago