Number of adviser bannings escalates

ASIC/commissions/compliance/disclosure/australian-securities-and-investments-commission/westpac/chairman/

18 October 2000
| By Stuart Engel |

The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.

The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.

According to the ASIC annual report, the investment watchdog banned 16 advisers for life and the other 34 for a varying number of years.

Nine of the banned advisers are those who led clients into the failed Wattle Group. Fourteen people still face ASIC criminal charges relating to the failed $165 million scheme.

Those banned for life include former Hillross adviser Ian Pavletich, who was convicted of de-frauding St George Bank chairman Frank Conroy of $350,000. He was also sentenced to three and half years jail for the crime.

Another high profile banning was WA-based finance broker Graeme Clifford Grubb who was banned over a number of charges relating to the loss of $11 million by 200 investors. Grubb is also now serving a jail sentence for the crime.

The investment watchdog received 5534 complaints from the public, which was up 5 per cent from the previous year. Just under half of those complaints were referred for follow-up inspec-tion. About 80 of these led to an investigation by ASIC.

ASIC also scored more than 20 enforceable undertakings, including Westpac and Suncorp Met-way regarding disclosure of commissions and compliance issues.

More than 1000 prospectuses were lodged with ASIC in the year to June 30, a 46 per cent jump on the previous year.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS