SMSF firm cops ASIC action following record-keeping, compliance holes
The AFS licensee of an advice firm providing SMSF services will undergo an independent external review of its record keeping, supervision and compliance arrangements following surveillance by ASIC.
In a public statement, ASIC said that during surveillance on an authorised representative of Alliance Financial Solutions Pty Ltd, it found that the licensee had failed to keep advice records of this particular representative.
“A further review of [the licensee’s] documentation identified concerns surrounding the adequacy of their compliance processes and procedures,” ASIC stated.
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 corporate regulator said.
The independent expert will report to both ASIC and Allied.
ASIC acknowledged that Allied has cooperated fully with ASIC’s enquiries and recognised the constructive action taken by Allied to address its concerns.
It also noted that the authorised representative is no longer with Allied and was the only external authorised representative of the licensee.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.