ASIC has permanently banned former authorised representative Ms Marion Joan Pearson from the financial services industry.
The banning results from an investigation regarding Ms Pearson's conduct in advising self-managed superannuation fund (SMSF) clients. ASIC found that she contravened financial services laws.
Ms Pearson, now residing in NZ, is the sole director and shareholder of Colisa Pty Ltd ACN 066 267 196 (Colisa). Colisa traded as Anmar Financial Consultants (Anmar).
She was an authorised representative of Ballast Financial Management Pty Ltd ACN 086 601 014 (Ballast) for the period 1 November 2007 to 30 October 2013 and Colisa was a corporate authorised representative of Ballast for the period 1 November 2007 to 30 October 2013. Ballast revoked her authorised representative status on 30 October 2013.
ASIC found that Ms Pearson:
- engaged in conduct that was dishonest - including creating documents to disguise the fact that client money was paid into Colisa's bank account without the relevant client's knowledge or authority; and
- engaged in conduct that was misleading or deceptive, in that she misled Ballast and specified clients into believing the client's funds were placed in particular investments, when in fact, she had not done so.
ASIC Commissioner John Price said "If a financial adviser engages in dishonest conduct, ASIC will remove them from the industry".
ASIC is continuing its investigation into the conduct of Ms Pearson. ASIC is not investigating the conduct of Ballast itself.
Ms Pearson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's Decision.