ASIC has placed additional restrictions on the AFS license of a Queensland-based financial planning firm, after the firm was found to have compliance deficiencies.
The new restrictions were imposed on Sentinel Private Wealth after a recent independent review found that the financial planning firm had inadequate measures in place to manage risks and effectively monitor and supervise staff.
The license conditions will require Sentinel to appoint an independent compliance consultant to review its overall compliance arrangements. The consultant will have to report to ASIC on the adequacy of Sentinel’s policies and procedures and Sentinel will be required to address any deficiencies identified.
However, ASIC has acknowledged the “proactive and cooperative” approach Sentinel has taken to ensure its standards are improved and it is complying with its licence obligations.