Former Macquarie Equities representative banned

financial planning macquarie ASIC ban

18 January 2016
| By Malavika |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned a former Macquarie Equities Limited representative from providing financial services for three years after finding he was not adequately trained to provide financial services.

ASIC banned Ben Rickman after investigations found that during his employment at MEL from July 2012 to June 2014, he represented himself as a solicitor/conveyancer in a property purchase transaction, and drafted legal documents such as wills, and gave legal advice about those documents.

However, Rickman has no legal qualifications and is not licensed as a conveyancer.

"ASIC found that the poor results of file reviews conducted by Macquarie, and the fact that Mr Rickman acted outside the scope of his Macquarie Representative Authority and employment agreement demonstrated that Mr Rickman does not have the ability, professional skills or judgement to competently provide financial services," ASIC said.

"Further, ASIC found that Mr Rickman has demonstrated a lack of understanding regarding the role of a financial adviser."

Rickman has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.

The investigations were conducted as part of ASIC's Wealth Management Project, which was set up in October 2014 and focuses on the conduct of large financial advice firms such as Westpac, the Commonwealth Bank, National Australia Bank, ANZ, Macquarie and AMP.

The project looks to identify non-compliant advice, and seeks regulatory outcomes against licensees and advisers where required.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

5 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 10 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 8 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 11 hours ago