Former AMP Financial Planning adviser banned

financial adviser banned financial planning ASIC ASIC bans amp financial planning

18 November 2016
| By Malavika |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned a former AMP Financial Planning authorised representative from providing financial services for eight years for forgery and misleading conduct.

James Edward McCarthy from South Australia has been banned until 14 November, 2023 after ASIC found he had created and backdated statements of advice and authority to proceed documents and forged client signatures in order to comply with an internal AMP Financial Planning audit in March 2015.

ASIC said McCarthy did not provide any of the false documents to clients. McCarthy is the sole director of McCarthy Financial Solutions and was an authorised representative of AMP Financial Planning from 16 December, 2011 to 2 April, 2015.

ASIC launched the investigation into McCarthy after being notified by AMP Financial Planning.

ASIC deputy chair, Peter Kell, said: "ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct".

McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

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

3 weeks 4 days ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

1 week 3 days ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

5 days 18 hours ago

Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equi...

4 days 22 hours ago