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
The levy payable by financial advisers for the Compensation Scheme of Last Resort has almost quadrupled for FY26 as the government launches a formal review.
Melbourne and Perth-based Endeavor Asset Management has added 24 financial advisers to its AFSL this week, with overall industry numbers rising by more than a dozen.
The industry has reacted to the retirement of Stephen Jones as Minister for Financial Services, recognising his efforts on scams and financial reforms.
Australian advised clients are the most eager among global peers to invest in private markets, according to Hamilton Lane, with their knowledge of the asset class also being higher.
