The Australian Securities and Investments Commission (ASIC) has confirmed the completion of a compliance review and remediation program, and removal of additional licence conditions, for Total Financial Solutions Australia Limited (TFSA).

Additional licence conditions were imposed by consent on TFSA on 25 September 2015 (refer: 15-279MR), requiring a compliance review and remediation program, overseen by a compliance expert, following instances of inappropriate advice by one of their authorised representatives (refer: 16-153MR). That adviser, Brian Dobinson, was permanently removed from the financial services industry, after ASIC found he failed to act in clients' best interests by, among other things, using a "one size fits all" model to advise clients, regardless of individual circumstances

The remediation program resulted in $2,549,291 being paid in compensation to clients.

The compliance expert also reviewed aspects of TFSA's compliance arrangements, specifically in relation to monitoring and supervision of representatives. The compliance expert made a number of recommendations which have been implemented by TFSA.

ASIC acknowledges TFSA's cooperative approach to completing the remediation program and improving its compliance standards.