Tribunal cuts former financial adviser ban
The Administrative Appeals Tribunal (AAT) has reduced the banning term for a former Sydney-based financial adviser from providing financial services from three years to 18 months, revoking Australian Securities and Investments Commission's (ASIC's) previous decision.
In April 2015, ASIC banned Lionsgate Financial Group authorised representative, Atish Prased, for three years from providing financial services on the grounds that he was not "adequately trained to provide a financial service" as well as for "failing to comply with the financial services laws".
The misconduct occurred between June 2013 and December 2013. In 2013, ASIC also imposed licence conditions on Lionsgate due to its concerns that the firm had been not complying with its general obligations as an AFS licensee.
In May 2015, Prasad appealed to the AAT, asking for a review of ASIC's decision.
The banning now ceases on 26 October, 2016.
AUTHOR
Oksana Patron
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.
