NSW adviser banned
A New South Wales financial adviser has been banned from providing financial services for 10 years.
Craig Dangar received the banning from the Australian Securities and Investments Commission (ASIC) following an investigation into his conduct while employed by a company called SMSF Consultants.
While there, Dangar recommended his clients invest in two companies he was a director of — Morris Finance and NSW Finance & Leasing, the latter of which entered into administration last year. He did so without disclosing that he was a director of these companies and held a beneficial interest in their shares, and in some cases didn’t provide clients with Product Disclosure Statements or Statements of Advice.
Dangar provided technical super advice to trustees of self-managed superannuation funds (SMSFs) as well as compliance advice to other accounting firms between 2004 and 2007, the statement from ASIC said.
He also previously acted as an authorised representative of Count Financial and Charter Financial Planning.
Dangar can apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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