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 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.
