©2018-2019 by The GRC Institute - Governance, Risk & Compliance.  ABN: 42862119377

This week in Penalties...

January 23, 2019

 

 

Additional Licensing conditions

HNW Planning has had additional license conditions applied for failing to adequately monitor its representatives.

 

In a statement released this week, the Australian Securities and Investments Commission (ASIC) also highlighted that they found deficiencies in HNW’s auditing processes.

 

The increased licencing conditions require the company to engage an independent expert to provide advice on how they can improve their processes.

 

 

Adviser banned for 25 years

Graeme Walton Miller has been banned from the financial advice industry for 25 years.

 

In an official statement released earlier this week, the Australian Securities and Investment Commission said they have recently ‘wound up’ CFS Private Wealth. In addition to banning Miller from the financial advice industry, the regulator has also banned him from managing corporations for up to three years.

 

The regulator alleged Miller advised his clients to transfer $4.7 million from CFS Private to CFS Corporate for investment purposes. However, it was later revealed that in fact the transfers were for personal purposes.

Justice Reeves indicated that Miller, “…showed no remorse for the effects of his wrong-doing.”

Please reload

Suggested Posts
Please reload

Tags
Please reload