From www.investmentlawwatch.com: ASIC has increased scrutiny on AFS licensees, exemplified by its acceptance of a court enforceable undertaking from Private Wealth Pty Ltd for failing to supervise its numerous corporate and authorised representatives properly.

Similarly, Lanterne Fund Services Pty Ltd faced a $1.25 million penalty and was ordered to improve its compliance systems after also neglecting its licensing obligations.

Both cases underscore ASIC’s emphasis on ensuring AFS licensees review their risk management procedures and resource adequacy, especially when they appoint authorised representatives for financial services.