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13-259MR ASIC imposes licence condition on Moneywise Securities

Tuesday 17 September 2013

ASIC has imposed an additional licence condition on Moneywise Securities Pty Ltd (Moneywise) after a surveillance identified concerns about advice provided to clients regarding margin lending and the establishment of a self-managed superannuation fund (SMSF).

ASIC’s surveillance found concerns relating to:

ASIC Senior Executive Leader Louise Macaulay said, ‘When providing advice on more complex financial products such as margin loans or SMSFs, the advice provider must be particularly diligent in ensuring the financial product is suitable to the specific needs of the client.’

An independent expert will be appointed to review, assess and make recommendations regarding:

The independent expert will report to ASIC and Moneywise over the next 18 months to ensure ASIC’s concerns are addressed.

ASIC acknowledges Moneywise’s cooperation during the surveillance and its commitment to improving compliance with their licence obligations.

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