The regulator has acted after a firm identified a number of compliance issues. The watchdog has praised the company, however, for its proactive stance in identifying problems in the first place.

Australia’s financial regulator has imposed new licence conditions on a private wealth management firm because of concerns about whether it had complied sufficiently with laws on the industry.

The Australian Securities and Investments Commission set the new terms on Queensland-based Sentinel Private Wealth Pty Ltd.

A recent independent review of the financial planning firm, commissioned by Sentinel, identified compliance issues. The areas of concern included inadequate measures to manage its risks and effectively monitor and supervise its staff. As a result of the review, Sentinel has appointed a dedicated compliance officer and enhanced its policies and procedures, the regulator said in a statement yesterday.

The licence conditions will require Sentinel to appoint an independent compliance consultant to review its overall compliance arrangements.

“ASIC acknowledges the proactive and cooperative approach Sentinel has taken to ensure its standards are improved and it is complying with its licence obligations,” the regulator said.

Sentinel provides advice on products and services, including derivatives, life products, managed invest schemes, securities, margin lending and superannuation, to retail clients. As of July 2015, Sentinel has 57 authorised representatives.