Compliance
ASIC Amends Wealth Manager's Licensing Conditions
The Australian financial watchdog has assigned an independent consultant with the task of monitoring the firm's compliance progress.
The
Australian Securities and Investments Commission has imposed
a compliance monitor on Morgans Financial, a stockbroking and
wealth management business, following a review of the
company's compliance measures.
Earlier this year, an independent consultant reviewed Morgans
Financial and in its report made recommendations for
strengthening the firm's monitoring and supervision processes,
handling of market-sensitive information and managing conflicts
of interest relating to corporate transactions.
Australia's financial watchdog has updated Morgan Financial's
licensing conditions, requiring it to address the recommendations
while the consultant will provide ASIC with regular progress
reports, concluding with a final report to be published in
November next year.
“All market participants must ensure they maintain adequate
monitoring and supervision arrangements,” said ASIC commissioner
Cathie Armour. “In addition, firms must have robust controls
pertaining to the proper handling of confidential information and
management of conflicts of interest.”
