GRC Report Staff

ASIC's Regulatory Guide 146 sets out minimum training standards for AFS licensees and representatives who provide financial product advice to retail clients, outlining Tier 1 and Tier 2 education requirements based on advice type and product category. Compliance teams must ensure adviser training, assessment, and continuing education policies align with these standards, as licensees bear ultimate responsibility for adviser competency.

The FCA has added Legacy Trading Global to its Warning List for providing or promoting financial services in the UK without authorization. Compliance teams should treat this as a consumer protection alert, ensure internal watchlists are updated, and reinforce due diligence procedures around unauthorized entities and potential scam activity.

ASIC has released Consultation Paper 391 proposing a new framework for accessing company and officeholder information on the companies register, balancing transparency with privacy and security concerns. Compliance teams at firms that rely on register data for due diligence, KYC, or AML purposes should review the proposed access tiers, as changes to residential address and date-of-birth availability could materially affect verification processes from mid-2027 onward.

The FCA has added Hale Wealthwick (www.hale-wealthwick.com) to its Warning List for providing or promoting financial services without authorization in the UK. Compliance teams at regulated firms should ensure this entity is screened against onboarding, counterparty, and marketing-affiliation checks, and that customer-facing staff are aware of the heightened scam risk associated with unauthorized clone/boiler-room firms.

Christopher Woolcott pleaded guilty to fraud and forgery charges after fabricating a takeover approach for Touchstone Exploration Inc. to manipulate its share price for personal gain. The case underscores the FCA's continued enforcement focus on market abuse involving false information, forged documents, and identity fraud, and signals heightened scrutiny of market-moving announcements and corporate action rumors.

ASIC accepted the voluntary cancellation of Ross Stephen Thomson's registration as a liquidator after raising concerns about his fitness to remain registered, adequacy of resources, and faithful performance of duties. The case, which follows a 2015 enforceable undertaking and the Federal Court's transfer of bankruptcy estates to the Official Trustee, underscores ASIC's ongoing scrutiny of insolvency practitioners and reinforces the regulator's willingness to act on repeat or escalating conduct concerns.

The FCA has publicly flagged Profit Ventures Limited as an unauthorized entity potentially offering or promoting financial services/products to UK consumers without regulatory permission. This warning is a consumer-protection alert that compliance teams should log, screen against customer and counterparty records, and use to reinforce due diligence and fraud-prevention controls.