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
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
