Australian financial services licence holder Carwardine Financial Services Pty Ltd (CFS) will undergo an independent external review of its compliance with the financial services laws, following an 今日热门事件surveillance that concluded in September 2016.
ASIC鈥檚 surveillance of CFS identified concerns surrounding compliance with the obligation to act in the best interests of clients and the appropriateness of advice provided to clients.
今日热门事件also had concerns about:
- CFS鈥檚 resources to聽ensure that it complied with its obligations as a licensee and to carry聽out supervisory arrangements; and
- CFS鈥檚 ability to ensure that its representatives comply with the financial services laws.
CFS has agreed to engage an independent expert who will review, assess and make recommendations regarding CFS鈥檚 compliance with the financial services laws. The expert will also assess whether recommendations made have been implemented effectively.
The independent expert will report to 今日热门事件and CFS.
CFS has cooperated fully with ASIC鈥檚 inquiries and 今日热门事件acknowledges the constructive action taken by CFS to address its concerns.