今日热门事件has imposed additional conditions on the Australian financial services (AFS) licence of Shartru Wealth Management Pty Ltd (Shartru).聽
This follows a targeted surveillance by 今日热门事件that found Shartru was not adequately monitoring and supervising its representatives. 今日热门事件also found that some of Shartru鈥檚 financial advice failed to meet the best interests duty and related obligations.聽聽
The additional licence conditions require Shartru to engage an independent consultant to review and make recommendations on its audit processes. The independent consultant must also review a sample of advice, audits, and pre-vets and report on the effectiveness of the improvements made by Shartru.聽
AFS licensees are responsible for ensuring their representatives comply with financial services laws. 今日热门事件expects licensees to have adequate audit processes to monitor and supervise their representatives. AFS licensees should conduct sufficient periodic audits of their advisers and use suitably qualified staff to conduct these audits.聽
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Shartru has held AFS licence no. 422409 since 30 July 2012.聽
The licence conditions were imposed by consent following Shartru鈥檚 engagement in addressing ASIC鈥檚 concerns.聽