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License conditions imposed on Societe Generale Aus removed

By Neil Griffiths
 — 1 minute read

Additional license conditions placed on the local division of French banking giant, Societe Generale Securities Australia (SGSAPL), have been removed.

In June last year, the division pled guilty to two counts of breaching s993B(1) by receiving money in connection with financial services, and then failing to pay that money into an account that satisfied the client money requirements within the Corporations Act and two counts breaching s993C(1) through making payments out of a client money account that were not permitted by reg 7.8.02 of the Corporations Regulations.

It was further hit with a $30,000 fine in October 2020.

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The additional conditions put in place, which required SGSAPL to “appoint an independent expert to assess and test the adequacy and effectiveness of SGSAPL’s controls, systems and processes to ensure it can comply with the client money requirements of the Corporations Act 2001” were removed earlier this month on 3 June. 

ASIC said on Thursday that SGSAPL has “fulfilled the licence conditions’ requirements, including the obligation to provide attestations from a senior executive and a board member to ASIC”.

 

The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!

 

License conditions imposed on Societe Generale Aus removed
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