In a statement issued by ASIC on Tuesday, the MDP found that the trading firm “did not have appropriate supervisory policies and procedures from the time it became a market participant on 28 January 2019 until 4 June 2020”.
Life Trading’s framework for the supervision of traders was “under-resourced, uncoordinated and undocumented” in that period.
The MDP also found that Life Trading had minimal commitment to ensuring appropriate supervisory framework was implemented and a lack of proactive engagement to supervisory compliance.
The MDP noted that Life Trading has “gradually” made improvements, however still remained concerned about the noted issues.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
