ASIC bans financial adviser for five years
The Australian Securities and Investments Commission (ASIC) has banned former Roan Financial Group authorised representative, Darren Tindall from providing financial services for five years for failing to comply with financial services laws.
It comes after the Financial Planning Association's (FPA's) Conduct Review Commission received a complaint against Tindall for submitting an online insurance application with false material while he was an authorised representative.
ASIC's investigation revealed Tindall had engaged in misleading and deceptive conduct on a client's behalf when he failed to disclose their pre-existing medical conditions on an insurance application submitted to an insurer.
He also engaged in dishonest conduct by failing to disclose the medical conditions in transferring that insurance obtained to a new insurer, and made reckless misleading comparisons about superannuation products to four clients, which led them to switch their super.
Tindall applied to the Administrative Appeals Tribunal (AAT) on 17 January 2017 for a stay of the banning and a review of ASIC's decision.
The AAT refused the stay on 9 February. The date for the hearing of the review of ASIC's decision has not yet been set.
ASIC deputy chair Peter Kell said: "ASIC will take action against financial advisers who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry".
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
