This publication brings latest news of regulatory and compliance actions in the Asia market.

A representative of an Australian wealth management firm who fell short of proper advisory standards has undertaken to go through training and avoid inadequate conduct in future, the country’s regulator said. 

The Australian Securities and Investments Commission said it has accepted an enforceable undertaking by Jason Churchill, a representative of wealth manager ClearView Financial Advice Pty Ltd, for shortcomings such as not making adequate enquiries about clients before recommending actions to them. The man traded as Churchill Consulting Services in Carrara, Queensland. ClearView Financial Advice has no connection with ClearView Financial Media, the UK-based firm which publishes this news service.

An investigation by ASIC found Churchill’s advice relating to the replacement of personal insurances did not meet the standards expected of a financial advisor and that he had failed to comply with financial services laws. For example, Churchill did not undertake adequate inquiries into the relevant personal circumstances of some clients to whom he made recommendations. 

Churchill has agreed to undergo additional training in relation to the provision of financial product advice and must adhere to strict supervision requirements for 12 months; he must have each piece of advice audited by his authorising licensee before it is provided to clients, ASIC said.