Societe Generale Securities conditions removed by ASIC
Societe Generale Securities Australia (SGSAPL) has seen its additional financial services (AFS) licence conditions imposed a year ago removed from 3 June, 2021 by the Australian Securities and Investments Commission (ASIC).
The conditions were imposed with regards to assessment and testing the firm’s adequacy and effectiveness controls, systems and processes in order to be compliant with the requirements of the Corporations Act 2001 and required an appointment of an independent expert.
The corporate regulator confirmed that SGSAPL had now fulfilled the extra conditions, including the obligation to provide attestations from a senior executive and a board member to ASIC, and published a summary of the independent expert’s final report provided to ASIC under the conditions.
ASIC said that the additional conditions were imposed on the firm following an investigation by ASIC into reports lodged by SGSAPL concerning breaches of the ‘client money’ provisions of the Corporations Act.
AUTHOR
Oksana Patron
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
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.
