‘It’s just a formality’: Aps financial managing puts in place process to ensure it meets ‘legal and ethical obligations’
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The Canadian Association of Professional Financial Administrators says it has made a decision not to enforce its own code of conduct against Aps due to concerns about “fraudulent conduct” on the part of its management.article Aps Financial Management (AFM) released a statement Thursday in response to a CBC News investigation that found the company had not followed the code of ethics it adopted in 2015 to manage its finances.
A spokesperson for AFM said it was made aware of the CBC’s investigation in May and that it was working with AFM to address the concerns raised.
“While AFM does not have a specific policy regarding our financial governance and it is in the best interest of all parties to avoid conflict of interest and ensure that any actions are conducted in a manner that is consistent with the fiduciary obligation we have as members of the AFM Board,” the spokesperson said.
“AFM is currently evaluating its actions with respect to this matter and will make any necessary adjustments to the process in the future.”
According to a letter signed by the AFNSA’s executive director and other senior management at AFM, the code has been in place for a number of years and has been consistently followed.”AFM has not received any complaints from employees or the public about any conduct that may have breached the fiducial responsibilities of AFM as a member of the Association,” reads the letter.
“It is not the role of the Board to determine whether any member of our membership is acting within the fidulary obligations of the association.”
The letter continues: “AFAM will continue to work to ensure that it complies with all relevant regulatory and legislative requirements in order to uphold its fiduciaries obligation to provide the best possible financial and financial management services to its members.”AFM said in a statement to CBC News that it had decided to “refocus” its financial management program and the way it processes all applications from its membership.
“This includes focusing on our processes for providing financial information to our members, and creating an enhanced, faster and more streamlined process for our members to apply,” it said.AFM also said it is committed to being transparent about its financial information and how it handles it.
“We are committed to working with our members and the public to make our financial management process more transparent, and have undertaken the following actions to enhance transparency and accountability:”1.
We have updated the AFMS Financial Management Guidelines, updated to reflect current and future changes to financial information.
We also have published new materials and materials to assist members in their applications, including the Financial Management Toolkit.
AFM has implemented a new financial reporting process that will allow our members the opportunity to submit an application for a financial plan. “
We will continue our work to implement a new, transparent and streamlined application process, as well as make our member financial reporting processes more transparent and more transparent to the public.”AFMs website also contains a page that says the AFMM is committed “to being transparent with all stakeholders about our financial operations and to our financial policies, processes and standards.””
We will continue our work to implement a new, transparent and streamlined application process, as well as make our member financial reporting processes more transparent and more transparent to the public.”AFMs website also contains a page that says the AFMM is committed “to being transparent with all stakeholders about our financial operations and to our financial policies, processes and standards.”
It states that the new financial management system will “help the financial industry understand our financial processes and how we are doing business, and how our financial systems and processes work.”
The AFM’s Financial Management Program is one of the largest in the country, accounting for nearly 20 per cent of the federation’s financial services revenues, the organization’s executive officer, John Loughlin, told CBC News.AFMs financial management is one step closer to becoming a mandatory industry code of practice after the federal government passed legislation last week requiring financial institutions to provide information about their financial affairs to the Public Interest Disclosure Office.
That legislation, the Financial Disclosure and Accountability Act, includes the Financial Stability Board, a body that sets standards and sets timelines for financial institutions.
The board is required to publish reports on all the companies it regulates and on all financial institutions it regulates, and is also required to conduct audits of all financial organizations it regulates.
The Canadian Association of Professional Financial Administrators says it has made a decision not to enforce its own code of…
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