ASIC imposes audit visits on Bongiorno adviser
TheAustralian Securities and Investments Commission(ASIC) has ordered that a planner with theBongiorno Financial Advisersgroup be prohibited from acting as a representative of a dealer or an investment adviser for 18 months unless he is subject to four compliance audits over an 18 month period.
The adviser, Peter Prvulj of Port Melbourne, Victoria, holds a proper authority with Bongiorno and was ordered by ASIC to receive the compliance visits after it found that between January 2000 and October 2002 Prvulj had kept unreliable client records.
Prvulj is able to appeal the order from ASIC by lodging an application to review the decision with the Administrative Appeals Tribunal.
Under the order Prvulj is subject to four compliance audits at irregular intervals over an 18 month period with the audits to be carried out by an independent compliance consultant who will report the findings of the audits to ASIC.
ASIC has said it can take further action against Prvulj if it decides the four audits show there are still issues surrounding the maintenance of client records.
AUTHOR
Jason Spits
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