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18-167MR AFS licensee fails to meet compliance and supervisory requirements
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 Australian Securities and Investments Commission (ASIC) surveillance.
During a surveillance of an Allied authorised representative, ASIC found that Allied had failed to keep the advice records of this representative. A further review of Allied’s documentation identified concerns surrounding the adequacy of their compliance processes and procedures. ASIC 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’s compliance with relevant financial services laws. The review will subsequently assess whether recommendations have been implemented effectively.
The independent expert will report to both ASIC and Allied.
Allied has co-operated fully with ASIC’s enquiries and ASIC acknowledges the constructive action taken by Allied to address its concerns. ASIC notes that the authorised representative is no longer with Allied and was the only external (non in-house) authorised representative of the licensee.