Morgans Financial Limited meets requirements of additional ASIC licence conditions

The additional licence conditions imposed on Morgans’ Australian financial services licence in November 2016 have been removed as of 19 March 2019.

The additional conditions required Morgans to appoint an independent compliance consultant to monitor, evaluate and report on Morgans’ implementation of recommendations arising from an independent review of its compliance measures (16-406MR).

That review has now been completed and the consultant has provided a final report to ASIC and Morgans. The review covered Morgans’ implementation of recommendations in six areas:

  1. Risk Management and Compliance
  2. Document and Record Management
  3. Branch Supervision
  4. Advice
  5. Corporate
  6. Additional specific matters.

The consultant found that Morgans has adequately designed and implemented responses to the recommendations. As such, ASIC has updated Morgans’ Australian financial services licence conditions by removing the additional conditions imposed in November 2016.

Download

Compliance One’s summary of the report (PDF 921 KB)

Background

Morgans operates a traditional stockbroking and wealth management business providing execution and settlement services, as well as personal and general financial advice services, to over 60,000 active clients across approximately 60 branches Australia-wide. Morgans also conducts corporate transactions such as capital raisings and advisory services.

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