ASIC has accepted new enforceable undertakings from WealthSure and a related entity following a corporate restructure and acquisition by a fellow WA dealer group.
Sentry Group Advice Pty Ltd has acquired WealthSure Financial Services (WFS), the regulator has confirmed, following a restructure that saw WealthSure Pty Ltd (WS) apply to have its licence cancelled.
The Perth-based financial planning group entered an EU with ASIC in 2011 after an investigation found recurring compliance failures, under the terms of which it enacted a senior leadership change as well as new systems and procedures.
“While ASIC is satisfied with the Wealthsure Group's remediation progress, we have taken the view that the earlier undertakings would best be fulfilled by WPL and WFS having separate EUs,” said a statement from ASIC.
Most of the WealthSure authorised representatives have been transferred to the Sentry-owned WFS, albeit with a requirement that no more than seven per year are moved across without ASIC’s permission.
“WFS will be required to continue implementing its remediation plan, designed with the assistance of a compliance consultant under the Wealthsure Group EU,” said a statement from ASIC.
”The implementation of the remediation plan will continue to be overseen by an independent expert, Deloitte, and regular reporting will be made to ASIC until October 2018.”
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