Former WA adviser charged with dishonest conduct
Former AMP financial adviser, David Michael Fong, and his Perth-based company Fong Financial Planners have been charged with dishonest conduct.
The Australian Securities and Investments Commission (ASIC) found that in 2014, during his time as an authorised representative of AMP, Fong acted dishonestly when he:
- completed and submitted false information in clients’ insurance applications;
- failed to adequately disclose fees to clients;
- acted without client instructions; and
- failed to adequately disclose the effect of advice, for instance clients becoming uninsured after closing their superannuation accounts.
In 2017, Fong was permanently banned from providing financial services or engaging in credit activities, the regulator said. Following this, Fong appealed ASIC’s decision to the Administrative Appeals Tribunal (AAT) and the appeal process stayed pending the outcome of the criminal proceedings.
On November, 19, Fong appeared before the Perth Magistrates Court and was granted conditional bail.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. It has been listed for further mention on 14 January 2022.
AUTHOR
Oksana Patron
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