4. Unresolved matters4. Unresolved matters

4. Unresolved matters

(a) Is there an inquiry or investigation in progress by your organisation in relation to the individual in connection with the provision of financial services or engaging in credit activities, in relation to the 5-year period preceding the date the reference is given? [Yes/No]

(b) If you answered Yes to Question 4(a), provide:

(i) a brief description of the nature of the circumstances that triggered the inquiry or investigation (for example a breach, reportable situation, complaint, compliance audit, external notification, internal assessment/review or other circumstance); and
(ii) details of the progress and status of the inquiry or investigation.

(c) If you answered Yes to Question 4(a), was the individual made aware of the inquiry/investigation? [Yes/No]

Interpretation

In this request, a word or an expression that is defined in section 4 of the Protocol has the same meaning in this request.

Additional definitions

In this request:

client remedial action includes:

(a) corrective disclosure being given to a client; and

(b) compensation being given to a client either as a financial payment or other non-financial remedy.

complaint means a “complaint” as defined in Australian / New Zealand Standard AS/NZS 10002:2014 Guidelines for complaint management in organizations published jointly by, or on behalf of, Standards Australia and Standards New Zealand, as in force or existing on 29 October 2014.

compliance audit, in relation to an individual, means an audit or review by or on behalf of a financial services licensee or credit licensee of the individual’s compliance with financial services laws, credit legislation and licensee policies and procedures.

individual remedial action includes:

(a) additional training of an individual;

(b) increased monitoring and supervision of an individual;

(c) consequence management for an individual (including performance management, financial consequence or formal warnings); and

(d) suspension of the authorisation of an individual.

remedial action includes client remedial action or individual remedial action.

unprofessional conduct of an individual includes the following kinds of conduct of the individual:

(a) conduct which amounts to impropriety affecting professional character and which is indicative of a failure either to understand or to practise the precepts of honesty or fair dealing in relation to retail clients or the public;

(b) unsatisfactory professional conduct, where the conduct involves a substantial or consistent failure to reach reasonable standards of competence and diligence; and