Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company HNW Planning Pty Ltd (HNW).
After concluding that HNW did not have adequate monitoring and supervision processes, ASIC has required HNW to engage an independent expert to make recommendations on how to improve these processes.
The imposition of additional license conditions on HNW is part of ASIC’s ongoing efforts to improve standards across the financial services industry.
ASIC has cancelled several AFS licenses since December 2018, including the ones belonging to the companies Halifax Investment Services Pty Ltd, Evermore Money Management Pty Ltd, Bristol Street Financial Services Pty Ltd, and Solar Financial Advisory Pty Ltd.