The Australian arm of South African financial services conglomerate Sanlam Group will need to have its compliance processes reviewed by an independent expert after it admitted to breaching its licensee obligations and provided a court enforceable undertaking (CEU) to the Australian Securities and Investments Commission (ASIC).
ASIC’s investigation into Sanlam Private Wealth Pty Ltd uncovered concerns that the Australian financial services licensee had breached its general obligations, including by failing to adequately supervise its many authorised representatives and corporate authorised representatives (CARs). A number of those CARs were fintechs who offered online trading platforms and crypto-based investment products that posed risks to retail clients.
Sanlam’s representatives offered diverse financial services ranging from traditional…
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