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
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
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.
