Former NAB adviser banned for seven years
The Australian Securities and Investments Commission (ASIC) has banned a former National Australia Bank (NAB) adviser from providing financial services and credit activities for seven years after finding he had breached financial services laws.
Shane Thompson from New Gisborne, Victoria, was banned after an investigation by ASIC, and a hearing, found he was not fit and proper to engage in credit activities.
ASIC's investigation and the subsequent ban is a part of its Wealth Management Project, which was established in October 2014 and focuses on the conduct of the largest advice firms like NAB, Westpac, Commonwealth Bank, ANZ, AMP, and Macquarie.
Investigations found that between December 2012 and February 2013, Thompson prepared and finished ‘change of adviser' forms, including forging client signatures without their knowledge or permission, submitted the false forms so the product issuer would be misled into transferring general NAB clients to his personal financial planning list, and benefitted from remuneration as a result of these false forms.
ASIC deputy chair, Peter Kell, said: "ASIC's action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen misconduct: ASIC will ban you".
Thompson can apply to the Administrative Appeals Tribunal for a review and stay of ASIC's decision.
AUTHOR
Malavika Santhebennur
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
