An ASIC investigation found that AIW-aligned firm Otium Advice adopted a “one size fits all” advice model and gave “inappropriate” advice for a client to switch super funds.
Otium chief executive Drew Grosskreutz was handed a three-year ban in October as part of the same investigation.
In a statement, the regulator said it is concerned that AIW may have failed to take reasonable steps to ensure its authorised representatives comply with financial services laws.
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Under the terms of the EU, AIW will appoint an independent reviewer.
AIW is a related entity of Astute Financial.
