ASIC project sees another adviser banning
The Australian Securities and Investments Commission's (ASIC's) so-called Wealth Management Project has claimed another adviser.
This time the regulator announced that it had banned former ANZ adviser, Wayne Meadth from providing financial services for one year after he was found to not be adequately trained or competent to provide financial services.
The ASIC announcement said Meadth was an employee of Australia and New Zealand Banking Group (ANZ) from 2004 to March 2014 and that the regulator's action had followed ANZ lodging a breach report with ASIC regarding Meadth.
It said that ASIC's investigation found that during 2012 and 2013, Meadth failed to provide 11 clients with written documentation of his recommendations about their investment portfolio in circumstances where the clients had paid for a package which included an annual review service and required a planner, on an annual basis, to review a client's objectives and strategy, and provide written documentation of the planner's recommendations.
Commenting on the banning, ASIC deputy chairman, Peter Kell said ASIC expected financial advisers to fulfil all of their obligations to their clients.
"Failure to do so is unacceptable," he said.
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