The Australian Securities and Investments Commission has imposed new licence conditions on Queensland-based Sentinel Private Wealth Pty Ltd.

A recent independent review of the financial planning firm, commissioned by Sentinel itself, identified compliance problems that encompassed inadequate risk-management, monitoring and supervising of staff. As a result of the review, Sentinel has appointed a dedicated compliance officer and beefed up its policies and procedures, according to the regulator.

The licence conditions will require Sentinel to appoint an independent compliance consultant to review its overall compliance arrangements.

“ASIC acknowledges the proactive and cooperative approach Sentinel has taken to ensure its standards are improved and it is complying with its licence obligations,” the regulator said.