REP 515 Financial advice: Review of how large institutions oversee their advisers

Released 17 March 2017

In July 2015, ASIC commenced a project to review how effectively Australia’s largest banking and financial services institutions oversee their financial advisers.

This project focused on:

• how these institutions identified and dealt with non-compliant conduct by advisers between 1 January 2009 and 30 June 2015;
• the development and implementation by the institutions of a framework for the large-scale review and remediation of customers who received non-compliant advice between 1 January 2009 and 30 June 2015; and
• a review of Australian financial services (AFS) licensees, selected from within the institutions, to test their current processes for monitoring and supervising their advisers.

This report outlines ASIC’s observations and findings from this project, and provides an update on the actions of the largest advice institutions to address customer loss or detriment. The report will assist the financial advice industry as a whole to raise its standards and reduce the risk.

• Download the report (PDF 834 KB)

Checklists

The following checklists are reproduced from REP 515:

• Appendix 2: Checklist—Background checking of advisers  (PDF 177 KB)
• Appendix 3: Checklist—Reviewing personal advice as part of an adviser audit (PDF 178 KB)
• Appendix 4: Checklist—Key risk indicators for monitoring and supervising advisers (PDF 121 KB)