ASIC challenged on mislabelling law-breakers as ‘financial advisers’
The Australian Securities and Investments Commission (ASIC) has been challenged to explain why it describes financial planning law-breakers as “financial advisers” when they are not.
The challenge was mounted by NSW Liberal back-bencher, Jason Falinski who asked ASIC to explain why a person who was not a financial adviser and who had not been included on the Financial Adviser Register (FAR) was being described as a “financial advisor” in an ASIC media release.
Falinski said he was referring to an ASIC media release issued on 5 November under the headline “Former financial advisor convicted and fined $30,000 for dishonest conduct”.
The ASIC media release said Mark Damion Kawecki, of Frankston, Victoria, had been convicted and fined $30,000 in the Melbourne County Court for engaging in dishonest conduct related to attempts to artificially satisfy the minimum spread requirement for companies seeking to be admitted to the ASX.
Falinski said that Kawecki was not a financial adviser and he wanted to know why ASIC was choosing to describe him that way.
“He is not a financial adviser and describing him as a financial adviser is not going to instil some necessary confidence in the financial planning industry,” he said.
ASIC commissioner, Danielle Press took Falinski’s question on notice, undertaking to find out why Kawecki had been described as a financial adviser if he was not one.’
Recommended for you
Equity offerings should be “seriously considered” by advice firms if they want to attract experienced advisers with the option viewed as a major differentiator for candidates seeking their next role.
DASH Technology Group has enacted two internal promotions, appointing a chief risk officer and chief commercial officer to strengthen the firm’s governance and operational capabilities.
The Stockbrokers and Investment Advisers Association has announced the appointment of its new chief executive following the exit of Judith Fox after six years.
Insignia Financial has appointed an experienced financial advice leader as head of education and advice on its Master Trust business, who joins from Ignition Advice,
