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Thursday 6 August 2015

15-212MR ASIC imposes conditions on Sentinel Private Wealth licence

ASIC has imposed new licence conditions on the Australian financial services licence of Queensland-based Sentinel Private Wealth Pty Ltd, following concerns over the company’s compliance with financial services laws.

A recent independent review of the financial planning firm, commissioned by Sentinel, identified compliance issues, including having inadequate measures to manage their risks and effectively monitor and supervise its staff.  As a result of the review, Sentinel has appointed a dedicated compliance officer and enhanced its policies and procedures.

To ensure the company has adequately responded to the deficiencies raised, the licence conditions will require Sentinel to appoint an independent compliance consultant to review its overall compliance arrangements, specifically:

  • consider Sentinel’s response to the findings and recommendations in the original compliance report
  • assess the adequacy of Sentinel’s policies and procedures used
  • sample test Sentinel’s application of its policies and procedures.

The independent compliance consultant will report to ASIC and Sentinel will be required to address any deficiencies identified by its review.

ASIC acknowledges the proactive and cooperative approach Sentinel has taken to ensure its standards are improved and it is complying with its licence obligations.

Background

Sentinel provides advice on products and services including, derivatives, life products, managed invest schemes, securities, margin lending and superannuation, to retail clients. As of July 2015, Sentinel has 57 authorised representatives.

Last updated: 30/03/2021 09:38