Australian financial services (AFS) licensee Carwardine Financial Services Pty Ltd (CFS) has finalised improvements to its advice processes following an independent external review of its compliance with a range of financial services laws, as requested by ASIC (refer: 16-420MR).

In December 2016, CFS agreed to engage an independent expert who reviewed, assessed and made recommendations regarding CFS’s compliance with its financial services obligations.

As a result of the recommendations, CFS has implemented changes to its processes including improvements in record keeping and increased monitoring and reporting within its compliance functions.

The independent expert is satisfied that CFS's compliance arrangements are adequate to meet its obligations under its AFS licence.

CFS has cooperated with ASIC's enquiries and ASIC acknowledges the constructive action taken by CFS to address ASIC's concerns.