Adviser bannings are trending up, says ASIC

bannings/ASIC/

27 June 2017
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has told a Parliamentary Committee that there has been an upward trend in the banning of financial advisers.

The regulator has told the Parliamentary Joint Committee on Corporations and Financial Services that over the last three years there have been 103 financial adviser bannings, with the deputy chairman, Peter Kell saying “the trend has been upwards”.

Outlining the adviser bannings, Kell said there had been 25 in 2014-15, 37 in 2015-16 and 41 in the year to date, 2016-17.

“Those were bannings and also leaving the industry as a result of enforceable undertakings or civil action,’ he said.

“It has been a busy area for us, and an important area for us, as we deal with those advisers who have been causing problems,” Kell said.

The ASIC deputy chairman then referenced an announcement in early June relating to a Westpac adviser.

“He was banned for five years and there was around $1.5 million in refunds provided, and there is a lot more in the pipeline,” Kell said.

He said the data indicated that ASIC had been very active in the financial adviser space and it remained a major area of focus for the regulator.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS