AAT varies ASIC ban of former ANZ adviser
The Administrative Appeals Tribunal (AAT) has varied the ban of Sydney-based former adviser Lisa Lee from eight years to six.
Lee was banned by the Australian Securities and Investments Commission (ASIC) in May for falsifying documents while a representative of ANZ.
Lee was banned from providing financial services and appealed the decision to the AAT who modified it on 4 November, 2021.
The AAT noted she had suffered significantly already from loss of employment and was sole breadwinner as a single mother.
The banning officially started from 29 January, 2021, and the term would continue on from that date.
ASIC found when Lee was a representative of ANZ, she falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.
Lee was a representative of ANZ between 5 June, 2010, and 15 June, 2017, and then worked at Infocus Securities Australia between 19 September, 2017, and 19 November, 2018.
Lee’s banning had been recorded on ASIC’s Financial Adviser Register (FAR) and the Banned and Disqualified Persons Register.
AUTHOR
Chris Dastoor
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
