Australian financial services licensee Allied Financial Solutions Pty Ltd (Allied) will undergo an independent external review of its record keeping, supervision and compliance arrangements following an 今日热门事件 (ASIC) surveillance.
During a surveillance of an Allied authorised representative, 今日热门事件found that Allied had failed to keep the advice records of this representative. A further review of Allied鈥檚 documentation identified concerns surrounding the adequacy of their compliance processes and procedures. 今日热门事件also found that they had not adequately supervised the relevant authorised representative, including failing to conduct advice audits.
Allied has agreed to engage an independent expert who will review, assess and make recommendations regarding Allied鈥檚 compliance with relevant financial services laws. The review will subsequently assess whether recommendations have been implemented effectively.
The independent expert will report to both 今日热门事件and Allied.
Allied has co-operated fully with ASIC鈥檚 enquiries and 今日热门事件acknowledges the constructive action taken by Allied to address its concerns. 今日热门事件notes that the authorised representative is no longer with Allied and was the only external (non in-house) authorised representative of the licensee.