ASIC bans former ANZ representative
A former ANZ Bank representative has been permanently banned from providing financial services after the Australian Securities and Investments Commission (ASIC) investigated the misappropriation of more than $41,150 in client money.
ASIC found that Lynn Isaacs, of Sydney, had transferred money from customer accounts to her own account on 37 occasions between May 30, 2003, and September 12, 2005, claiming it was to cover various fees, charges, payments, disbursements, or because the client had requested it.
ANZ Bank notified ASIC of the situation and co-operated fully during its enquiry.
Isaacs has the right to lodge an appeal with the Administrative Appeals Tribunal.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
