In June last year, the division pled guilty to two counts of breaching s993B(1) by receiving money in connection with financial services, and then failing to pay that money into an account that satisfied the client money requirements within the Corporations Act and two counts breaching s993C(1) through making payments out of a client money account that were not permitted by reg 7.8.02 of the Corporations Regulations.
It was further hit with a $30,000 fine in October 2020.
The additional conditions put in place, which required SGSAPL to “appoint an independent expert to assess and test the adequacy and effectiveness of SGSAPL’s controls, systems and processes to ensure it can comply with the client money requirements of the Corporations Act 2001” were removed earlier this month on 3 June.
ASIC said on Thursday that SGSAPL has “fulfilled the licence conditions’ requirements, including the obligation to provide attestations from a senior executive and a board member to ASIC”.
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.
