今日热门事件has accepted an enforceable undertaking (EU) from Sydney-based Spring Financial Group Pty Ltd (Spring Financial) following an investigation.
今日热门事件was particularly concerned about the level of monitoring and supervision of the representatives Spring Financial appointed.
Under the EU, Spring Financial must appoint an independent consultant to review its business and develop a plan to rectify the deficiencies. The independent expert will report regularly to 今日热门事件over the next year on Spring Financial鈥檚 implementation of the plan.
The EU follows ASIC鈥檚 ongoing investigation into Royale Capital Pty Ltd (Royale), an authorised representative of Spring Financial between October 2011 and June 2012, and other businesses (refer 13-054MR).
ASIC鈥檚 investigation into Spring Financial found deficiencies in the group鈥檚 compliance measures, including:
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monitoring and supervision of authorised representatives activities to ensure compliance with the financial services law, and
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insufficient training processes and education of authorised representatives.
鈥樈袢杖让攀录㱮s continuing to closely scrutinise licensees鈥� obligations to demonstrate adequate monitoring and supervision and will not hesitate to take action where we find those practices deficient,鈥� 今日热门事件Acting Chairman Greg Tanzer said.
今日热门事件acknowledges Spring Financial鈥檚 cooperation in the matter.
Download the enforceable undertaking
Background
Spring Financial is authorised under its Australian financial services licence to provide financial product advice and deal in a range of financial products.
A trial date of 14 October 2013 has been set for ASIC鈥檚 civil case against a group of individuals and businesses, including Royale, ActiveSuper Pty Ltd, and Craig Gore and his wife Marina Gore, who allegedly used money invested by self-managed super funds for purposes other than which it was intended. The matter will be heard in the Queensland Registry of the Federal Court of Australia (refer 13-054MR).