ASIC bans former Westpac adviser
The Australian Securities and Investments Commission (ASIC) has banned a former Westpac financial adviser from providing financial services for eight years.
As part of its Wealth Management Project, ASIC found that Anthony Bishop from Queensland, who was an employee representative of Westpac Financial Consultants (part of Westpac Banking Corporation), was involved in providing inappropriate advice to clients between July 2010 and April 2014.
He also failed to provide one client with a written statement of advice.
Bishop applied a "one size fits all" advice strategy that did not tailor advice to clients' personal and financial circumstances, and led to clients being over insured with inappropriate level of premiums.
Bishop was also found to have made one misrepresentation concerning tax savings and was not competent to provide financial services.
BT Financial Group (BTFG) said in a statement it supported the banning order on Bishop, adding it had self-identified and reported concerns about Bishop to ASIC in May 2014.
It said it had detected a range of issues with Bishop's advice and compliance standards, and added Bishop had not worked for BTFG since 2014.
ASIC had also permanently banned Westpac senior financial planner, Martin Hodgetts, in August 2015, and former authorised representative of Magnitude Group, Amanda Ritchie in October 2015.
AUTHOR
Malavika Santhebennur
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