Sydney adviser permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned former Sydney Financial Adviser Daniel McSweeny from providing financial services for dishonesty and falsifying books.
McSweeny was an authorised representative (AR) of Australian Financial Services Group, which was in liquidation, from 12 April, 2006, to 19 December, 2012.
He was also a director of FF&I Holdings, also in liquidation, during the period it was an AR of Australian Financial Services Group 11 May, 207, and 1 May, 2013.
On 18 December, 2018, McSweeney was charged with 20 dishonesty offences and one offence on falsifying books as a company director.
An investigation by ASIC led to an allegation that McSweeny directed an employee to construct a back-dated statement of advice (SoA) in response to an investigation being conducted following a complaint.
On 11 February, 2020, following a two-day fitness hearing, the NSW District Court found McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months.
In Making this decision, Judge Flannery found that there was enough evidence to support the charges of dishonesty and falsifying books, in the absence of evidence from the defendant.
His banning was recorded on ASIC’s Banned and Disqualified Persons register, and he had the right to appeal to the Administrative Appeals Tribunal (AAT).
AUTHOR
Chris Dastoor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
