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.