ASIC slaps more AFSL conditions on HNW Planning
After an investigation found that HNW Planning was not adequately monitoring and supervising its representatives, the Australian Securities and Investments Commission (ASIC) has slapped more conditions on the firm’s Australian financial services licence (AFSL).
The corporate regulator’s initial surveillance of one of HNW’s authorised representatives led to a broader surveillance of the group, which found that its audit processes weren’t adequate enough to ensure authorised representatives complied with best interests duties and obligations.
The additional licence conditions imposed by ASIC would require the firm to engage an independent expert to make recommendations on how to improve its monitoring and supervision processes and to subsequently test and report on the effectiveness of those improvements.
The imposition is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
AUTHOR
Anastasia Santoreneos
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
