How many banned advisers have moved into advice management?

9 March 2020
| By Mike |
image
image
expand image

The Financial Planning Association (FPA) has asserted it has clear evidence of financial advisers who have been banned by the Australian Securities and Investments Commission (ASIC) but who have moved into management overseeing the provision of advice.

The FPA’s assertion has been made in its submission to the Treasury dealing with the implementation of the Hayne Royal Commission recommendations and has resulted in it recommending that managers should also be the subject of reference checking and information sharing protocols.

It said that, as things currently stood, the protocol will only apply to financial advisers who will potentially be providing personal advice to retail clients under the new licensee.

“Evidence provided at the Royal Commission and discussed by Commissioner Hayne in his final report included potential misconduct in relation to representatives providing general advice, directors, management and other employees of AFS licensees,” the FPA submission said.

“The FPA has clear examples of financial advisers who have been banned from providing financial advice by ASIC who move into management overseeing the provision of financial advice by employed or authorised financial advisers of the licensee.”

“The FPA recommends the Reference Checking and Information Sharing Protocol should therefore be extended to include individuals:

  1. Employed or authorised by AFSLs to provide general advice, and
  2. With the responsibility or ability to influence the advice process, and
  3. In management and directorships, including responsible managers.
Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 2 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago