Banned as planner, operating as accountant

accountants/accountants/compliance/financial-planning/parliamentary-joint-committee/financial-planner/peter-kell/ASIC/investors/australian-securities-and-investments-commission/

15 September 2014
| By Mike |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has revealed that while it banned a financial planner for misconduct, that same person was allowed to continue to operate as an accountant providing tax advice.

The revelation has been made to a Joint Parliamentary Committee by ASIC deputy chairman, Peter Kell who said that the circumstances were likely to be frustrating for investors who had been impacted by the actions of the planner.

"I understand that one of the frustrations that some of the investors have is that Mr [Peter] Holt is still practising as an accountant," he said. "We can ban him from providing financial services, but if he wants to provide tax advice as an accountant we do not have the ability to ban him from that."

"My understanding is that the CPA and the Tax Practitioners Board considered the matter and decided that there was no reason to limit the way he operates."

A Senator had earlier told Kell that the planner in question was "supposed to be bankrupt but is still driving a big Mercedes, still operates his business and is in partnership and still lives in his sprawling home".

"It is very concerning, isn't it?" the Senator said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

3 days 7 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

4 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5