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.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.