Broker News, FOREX

ASIC surveillance prompts FX provider to enhance compliance procedures

Following an ASIC surveillance, Calibre Investments Pty Ltd will implement changes to the way it offers FX services to retail clients.

The move is part of ASIC’s crackdown on the FX industry which has resulted in a number of outcomes recently.

ASIC’s surveillance of Calibre, which provides managed discretionary account (MDA) services, raised concerns over the business’s compliance and risk frameworks, their advice to clients and their supervision of representatives.

In response, Calibre has appointed an independent consultant to review its MDA policies and procedures. The independent consultant will report back to ASIC.

The group will also provide new statements of advice to all MDA clients and enhance its compliance department.
Source: ASIC Monday 8 December 2014

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