ASIC has imposed additional conditions on the AFSL of Shartru Wealth Management after targeted surveillance by the regulator found the licensee was not adequately monitoring and supervising its representatives.

The regulator also found that some of Shartru’s financial advice failed to meet the best interests duty and related obligations.

The additional licence conditions require Shartru to engage an independent consultant to review and make recommendations on its audit processes.

The consultant must also review a sample of advice, audits, and pre-vets and report on the effectiveness of the improvements made by Shartru.

Shartru has held an AFSL since 30 July 2012.