ob体育 has imposed additional conditions on the Australian Financial Services licence of Kaz Capital Pty Ltd (Kaz).
ob体育 is concerned with the adequacy and effectiveness of Kaz鈥檚 compliance framework, including how it monitors its advisers and whether it meets its compliance obligations under the Corporations Act.
As a result of ob体育's enquiries, Kaz engaged an external consultant to review its compliance framework and provide recommendations for remediation. Kaz has advised ob体育 that these recommendations have been implemented.
The additional licence conditions imposed by ob体育 will require Kaz to appoint an independent expert to review the effectiveness of Kaz's implementation of the recommendations ensuring they have been implemented in full, are operating effectively and whether any further action is necessary. The independent expert will report to both ob体育 and Kaz in June 2019.
ob体育 Commissioner Cathie Armour said 鈥楲icensees must have an adequate and appropriate compliance framework to govern the monitoring and supervision of their representatives. We expect all licensees to comply with this and will monitor their compliance closely.鈥�
Kaz Capital provides general financial product advice on certain deposit and payment products, derivatives, securities and managed investment schemes.聽