AIW Dealer Services enters EU

An ASIC investigation found that AIW-aligned firm Otium Advice adopted a “one size fits all” advice model and gave “inappropriate” advice for a client to switch super funds.

Otium chief executive Drew Grosskreutz was handed a three-year ban in October as part of the same investigation.

In a statement, the regulator said it is concerned that AIW may have failed to take reasonable steps to ensure its authorised representatives comply with financial services laws.

Under the terms of the EU, AIW will appoint an independent reviewer.

AIW is a related entity of Astute Financial.