Former Qld adviser permanently banned
A former Queensland-based financial adviser has been permanently banned by ASIC from providing financial services.
Anass “Caesar” Abdalla worked as a general manager of a financial services licensee and allegedly asked an authorised representative (AR) of the licensee, who was not working at the time, to sign documents, misleading clients into thinking that personal advice had been provided by the AR when it had not been.
The regulator did not share which firm he worked at during this time.
ASIC said this conduct gave reason to believe that Adballa “lacked the fitness and propriety” to provide financial services, or manage, or control those who do so.
As a result, he has been permanently banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and from controlling an entity that carries on a financial services business.
He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The banning is recorded on ASIC’s banned and disqualified register.
AUTHOR
Laura Dew
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
