Having entered into an enforceable undertaking with ASIC in December 2010, PIS has been subject to an ongoing review of its compliance with regulatory requirements and the effectiveness of its audit and remediation program since July 2013.
ASIC has today announced the monitoring process has been completed, with the Centrepoint Alliance-owned dealer group found to be in line with its obligations and reflective of a number of internal cultural changes.
“As part of the program, PIS engaged an independent expert to monitor PIS’s compliance and audit function and to report to ASIC each quarter,” said an ASIC statement.
“The independent expert has reported that PIS has achieved a significant improvement in its compliance and audit functions, along with a commitment to enhancing its financial advice risk management framework.”
In addition, ASIC acknowledged “PIS’s commitment and work undertaken and senior executives’ constructive engagement throughout the process”.
Centrepoint Alliance managing director John De Zwart welcomed the review’s conclusion, reflecting on “transformational strides” in the PIS business over the past 12 months.
“We are very pleased announce the conclusion of Professional Investment Services’ ongoing monitoring program with ASIC,” Mr De Zwart said.
“This is another key milestone in the execution of the group’s strategy and most importantly, increasing the quality of financial advice Australians receive.”
