ASIC bans former ANZ financial planner
The Australian Securities and Investments Commission (ASIC) has banned a former ANZ financial planner from providing financial services for 18 months after he engaged in misleading conduct.
The banning was part of ASIC's Wealth Management Project, which was set up in October 2014 and focused on the largest advice firms (National Australia Bank, Westpac, Commonwealth Bank, ANZ, Macquarie, and AMP).
Miller worked as an ANZ financial planner between 2008 and 2015. An ASIC investigation found that during 2012 and 2014 he:
- Signed the client's name on an Authority to Proceed (part of the statement of advice);
- Asked clients to sign a blank Authority to Provide Information document (to be faxed to a superannuation fund) which was photocopied before the names of the funds and other details were inserted;
- Changed an ATPI document after it had been signed by the client; and
- Created two versions of a diary note of the same event, which Miller signed and dated with the date of the event they recorded even though the diary notes were created some weeks after the date written.
ASIC deputy chair, Peter Kell, said: "Financial planners are required to meet stringent compliance standards to protect the interests of their clients and instil confidence in the broader financial advice industry".
"ASIC will ensure advisers who fail to meet these standards are removed from the financial services industry."
ASIC listed 16 other advisers who were banned under its project, in addition to Miller.
AUTHOR
Malavika Santhebennur
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
