ASIC enforces compliance with D&D Tolhurst
Financial planning and share broking group D&D Tolhurst have agreed to be subject to a court enforceable undertaking after the Australian Securities and Investment Commission (ASIC) became concerned about internal compliance procedures.
ASIC had conducted an investigation into actions of two former Tolhurst proper authority holders after the group brought their activity to the attention of the regulator.
ASIC's concerns center mainly around Tolhurst's obligations dealing with licensing conditions and the Corporations Law.
As a result the group has agreed to engage a compliance consultant to review and assess compliance within the company and to report by the end of April on any possible further changes to Tolhurst's compliance and training programs.
The assessment will cover the supervision and training of representatives, record keeping, ensuring representatives have a reasonable basis for recommendations and procedures for opening new client accounts.
ASIC Western Australia enforcement director Stephen Howell says Tolhurst was already working with the regulator and was implementing changes in line with the undertaking.
AUTHOR
Jason Spits
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
