ASIC investigation acknowledged by Guardian



Guardian Advice has issued a formal response to the announcement of new licence conditions imposed by ASIC.

The Suncorp-owned dealer group released a statement acknowledging the AFSL conditions, which were ordered after an ASIC investigation found “deficiencies” in the dealer group’s advice to retail clients.

In the statement, a Guardian Financial Planning spokesperson said ASIC had found “a number of improvements that could be made” and the company was co-operating with ASIC to implement the changes.

“GFP takes ASIC’s findings very seriously and are working with ASIC to ensure the necessary improvements are implemented by the business,” the spokesperson said.

“The life insurance and advice industries are undergoing widespread reform and GFP accepts that it is appropriate that there is greater scrutiny of these industries."

“GFP is confident it can seize this opportunity to improve our business, including improvements in adviser recruitment, training and adviser audit processes."

The action comes after surveillance of Guardian by ASIC found the dealer group “was not complying with its general obligations as an AFSL holder, including failing to properly supervise its authorised representatives.”

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