Subscribe to our newsletter

ASIC accepts EU from AIW Dealer Services

ASIC accepts EU from AIW Dealer Services

Reporter
— 1 minute read

Non-bank licensee AIW Dealer Services has entered into an enforceable undertaking after an ASIC investigation found poor supervision of an authorised representative.

An ASIC investigation found that AIW-aligned firm Otium Advice adopted a “one size fits all” advice model and gave “inappropriate” advice for a client to switch super funds.

Otium chief executive Drew Grosskreutz was handed a three-year ban in October as part of the same investigation.

In a statement, the regulator said it is concerned that AIW may have failed to take reasonable steps to ensure its authorised representatives comply with financial services laws.

Under the terms of the EU, AIW will appoint an independent reviewer.

AIW is a related entity of Astute Financial.

 

ASIC accepts EU from AIW Dealer Services
investordaily image
ID logo

related articles

promoted stories