The Australian Securities and Investments Commission's (ASIC) post-FSRA compliance audits are biting, with a Victorian financial advisory firm ordered to undergo four compliance audits in the next 18 months.

The regulator has found that between January 2000 and October 2004 Peter Prvulj of Port Melbourne, a proper authority holder for Bongiorno Financial Advisers, kept “unreliable and incomplete” client records.

The compliance audits will be conducted by an independent compliance consultant at “irregular intervals”, ASIC says. Mr Prvulj has been prohibited from acting as representative of a dealer or investment adviser for that period unless he undertakes the audits and is found to comply with client record maintenance standards.