Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company Kaz Capital Pty Ltd (Kaz).
The additional conditions require the appointment of an independent expert, who will review the company’s compliance framework, provide recommendations for remediation, and report to both ASIC and Kaz in June 2019 whether the recommendations are operating effectively.
ASIC Commissioner Cathie Armour commented:
Licensees must have an adequate and appropriate compliance framework to govern the monitoring and supervision of their representatives. We expect all licensees to comply with this and will monitor their compliance closely.
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.