ASIC has conducted a review across five Australian banks into the policies, procedures and controls they have in place to prevent fraud and unauthorised transactions for consumers who have deposit accounts that can be operated by their adviser. The review was in response to an investigation into the dealings of Sherwin Financial Planners and Wickham Securities which saw around 400 clients lose a total of nearly $60 million.
https://www.smsfadviser.com/news/16819-smsf-fraud-case-prompts-new-compliance-measures
