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ASIC keeps an eye on PIS compliance

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An independent expert is to continue monitoring Professional Investment Services (PIS), after the Australian Securities and Investments Commission (ASIC) expressed concerns about compliance at the dealer group.

PricewaterhouseCoopers, which was appointed by PIS, will report to the regulator for the next nine months.

It has been charged with testing whether the personal advice supplied by PIS staff meets regulatory requirements, and will also gauge the company’s ability to identify poor advice and measure the effectiveness of its advice audit and “pre-vet” functions.

The regulator has acknowledged the dealer group’s co-operation and its progress since the original enforceable undertaking was issued in December 2010.

“The result of the enforceable undertaking and the monitoring program provides an opportunity to assess whether the implementation of the recommendations at its conclusion have been effective,” ASIC said.

The undertaking expired in March when the previous monitor’s report was delivered to the regulator.

“ASIC is focused on ensuring advisers do the right thing,” Deputy Chairman Peter Kell said.

“We will require further compliance reviews if we have concerns that advice standards are not consistently at appropriate levels.”

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