ASIC maintains planner surveillances
The Australian Securities and Investments Commission (ASIC) has confirmed it is continuing to pursue investigations and surveillances around the Wealth Management Project it began in late 2014.
The regulator has used its latest enforcement outcomes report to confirm its continued focus, declaring that it is conducting a significant number of investigations and risk-based surveillances targeting a range of misconduct , including charging clients for financial advice when no advice has been provided.
The ASIC report said it was also monitoring compliance with the Future of Financial Advice (FoFA) laws.
"To date, the project's work has resulted in the banning of 12 advisers, one infringement notice, additional conditions for one AFS licensee, and the acceptance of EUs from two advisers," it said. "The project will continue its investigations and surveillance in pursuing a range of regulatory outcomes."
The report also made clear that land banking schemes had become a regulatory target, with ASIC progressing court proceedings to wind up the schemes, their developers and their promoters.
"We have commenced two proceedings against a number of individuals and companies relating to seven land banking schemes. Approximately 1,000 people have invested in the schemes," it said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.