ASIC is concerned about the fact that Addwealth FS may have failed to provide advice that was appropriate to certain clients in light of their circumstances.
Further, ASIC is also concerned that Addwealth FS may have failed to have in place adequate arrangements for the management of conflicts of interest.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Now, as part of ASIC’s conditions, Addwealth FS has appointed an external compliance consultant who will regularly report to ASIC over the next 15 months.
The consultant will test and report on matters including Addwealth FS’ overall compliance arrangements and the quality of financial product advice provided to its clients, which includes the advice given with respect to their investment in the Addwealth Achiever Fund.
Meanwhile, ASIC has acknowledged that Addwealth FS has agreed to the appointment of the consultant to identify and address their compliance issues.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
