Queensland planner permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former Anne Street Partners Financial Services (ASP) financial planner from providing financial services after he engaged in dishonest conduct and failed to comply with financial services law.
Queensland’s Daniel Peter Logan, formerly of Brisbane, was a financial planner with Australian financial services licence (AFSL) holder, ASP between October 2012 and October 2015.
ASIC found that between March 2013 and October 2015, Logan:
- Created false documents to tempt an acquaintance to invest money through him;
- Used funds given to him for investing purposes for personal use;
- Created false documents to give the impression those funds had been invested on behalf of his acquaintance (the acquaintance was not a client of ASP); and
- Only admitted to this misconduct after discovery.
ASIC deemed his misconduct to be deliberate and noted he engaged in repeated acts of misconduct and said it was not a lapse in judgement. ASIC also said he exhibited a lack of integrity and professionalism.
ASP said in a statement that Logan was dismissed from the firm following an internal investigation in 2015 due to fraudulent conduct involving a family acquaintence. It said as a responsible AFSL holder, it immediately reported this to ASIC.
ASP chief executive, Michael Adamson, said:“We welcome the result of the ASIC banning order resulting from our internal investigations in order to protect the reputation of the financial services industry and the thousands of finance professionals who work in it".
"It is crucially important for the benefit of Australia’s financial advice sector that ASIC acts promptly on reports lodged by AFSL holders and has the power to remove financial advisers who behave and act dishonestly from the financial services industry entirely”.
Adamson also said the firm conducted a full review of Logan's client files after his termination and found no other individuals or clients were affected.
ASIC deputy chairman, Peter Kell said: “Mr Logan's wrongdoing was very serious. His actions were not limited to an isolated incident, but were designed to deceive over a period of time and conceal his initial wrongdoing”.
“ASIC will ensure financial advisers, who behave dishonestly are removed from the financial services industry.”
Logan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Malavika Santhebennur
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
