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
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
