false documents

ASIC permanently bans former NAB financial adviser

ASIC permanently bans former NAB financial adviser

ASIC has permanently banned Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales from providing financial services and engaging in credit activities.

Fees for No Service

Fees for No Service

The Royal Commission is gaining a lot of momentum due to the misconduct by financial advisors around Australia. Our consumer advocate Bernie Ripoll is here to discuss the Royal Commission and what to do in the case that you were charged “fee’s for no service.” 

Banking Royal Commission - Making a claim and FOS

Banking Royal Commission - Making a claim and FOS

Hon. Bernie Ripoll, Consumer Advocate for Financial Rescue explaining the Financial Ombudsman Service as the Royal Commission starts its inquiry into financial advice. #banksRC

ASIC bans Queensland financial adviser from financial services industry for 7 years

ASIC bans Queensland financial adviser from financial services industry for 7 years

ASIC has banned Mr Glenn William Connor from providing any financial services for the next seven years, after it was found that he had not complied with a financial services law.

ASIC bans mortgage broker from credit for three years

ASIC bans mortgage broker from credit for three years

Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.

MEDIA RELEASE: What To Expect From Your Financial Planner

MEDIA RELEASE: What To Expect From Your Financial Planner

With the Royal Commission into the banking sector confirmed, it’s refreshing to know some financial industry professionals still put their clients’ interests first.

Former Victorian financial adviser banned for forgery

Former Victorian financial adviser banned for forgery

The Australian Securities and Investment Commission (ASIC) has permanently banned financial adviser Koresh Daniel Houghton from providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients' best interests when providing advice.

ASIC starts investigating hundreds of SMSFs

Self Managed Super Funds

The corporate regulator has launched a major investigation into hundreds of funds in a bid to uncover unlicensed SMSF advice.

As reported by ifa sister publication SMSF Adviser earlier this year, ASIC is currently conducting a major shadow shopping exercise, and has now started contacting various SMSF professionals to collate data on the set-up process of hundreds of funds, as part of a massive research project set for release later this year.

 

In emails seen by SMSF Adviser, it is clear ASIC has selected several hundred funds that were set up in September 2016 for random investigation, and is contacting tax agents associated with the funds.

ASIC is asking if the clients of the tax agents received any professional advice about establishing their SMSF and, if so, that the contact details are passed on.

While ASIC is gathering details about both financial advisers and accountants as part of this project, it is understood that broadly, unlicensed accountants in particular are on the regulatory radar.

The information supplied to ASIC is treated as anonymous, but the general findings will be published in a report slated for the second half of this year, an ASIC spokesperson told SMSF Adviser.

ASIC could not outline any further details of the investigation, except to confirm that it is pursuing its “major” shadow shop as announced in February, and will be looking at random samples of SMSF advice.

Despite being relatively lax in the past to instances of accountants operating outside of the accountants’ exemption in particular, BDO’s national leader for superannuation Shirley Schaefer suggested ASIC will be taking no prisoners this time around.

“I suspect a lot of accountants have sat outside the accountants’ exemption for years, and ASIC never did anything about it in the past,” Ms Schaefer told SMSF Adviser.

She acknowledged that many accountants do not agree that the SMSF services they are providing fall into the financial advice category, an argument that is largely irrelevant in 2017.

“This is not just tax advice. I certainly believe [SMSFs are] a structure not a product, but that argument is gone. There’s no point having that one again. We’ve been there and it’s gone,” Ms Schaefer said.

 

Article from: Independent Financial Advisor 

KATARINA TAURIAN- Wednesday, 29 March 2017

ASIC permanently bans former Melbourne insurance broker Mr Anthony Doring, from providing financial services

Financial adviser

ASIC has permanently banned Mr Anthony Doring of Melbourne, Victoria, from providing financial services. Between 2009 and October 2015, Mr Doring was a manager of Phil Doring Insurance Brokers (PDIB), which provided insurance services and which had offices in Mackay and Melbourne.

ASIC has permanently banned Mr Anthony Doring of Melbourne, Victoria, from providing financial services. Between 2009 and October 2015, Mr Doring was a manager of Phil Doring Insurance Brokers (PDIB), which provided insurance services and which had offices in Mackay and Melbourne.

Following a hearing, ASIC found that Mr Doring had:

  • failed to ensure that PDIB operated pursuant to an Australian financial services (AFS) licence when providing financial services;
  • deliberately engaged in dishonest conduct by misappropriating money from the PDIB trust account, and using this to enable PDIB to continue trading;
  • cancelled client insurance policies without authorisation; and
  • failed to comply with the requirement that a person who is licenced with an AFS license lodge an annual auditor's report and financial statements with ASIC. 

In addition, Mr Doring was made bankrupt on 19 July 2016.

ASIC Deputy Chairman Peter Kell said, 'The investing public needs to be able to trust those who provide financial services.'

'ASIC will act to remove those who behave without regard to their obligations to their clients from the financial services industry.'

Mr Doring's banning will be recorded on ASIC's register of financial advisers.

Mr Doring has a right of appeal to the Administrative Appeals Tribunal.

Background

Mr Doring failed to obtain an AFS licence for the PDIB business following the death of his father, Phillip Doring, in April 2013. Phillip Doring had held an AFS licence in his personal capacity.

In October 2015, Steadfast Group Limited, a dealer group of which PDIB was a member, reported its concerns to ASIC regarding the conduct of Mr Doring and the existence of an apparent shortfall in the PDIB trust account of between $700,000 and $1.1 million.

PDIB was placed into liquidation on 18 April 2016 with Peter Gountzos of SV Partners appointed as liquidator.

ASIC bans Financial Adviser, Mr Darren Tindall for five years

Financial Advice

ASIC has banned financial adviser, Mr Darren Tindall, of Orange, NSW, from providing financial services for five years after an investigation found he failed to comply with financial services laws. 

Mr Tindall was an authorised representative of Roan Financial Group Pty Ltd between 9 May 2013 and 19 May 2014, and was based in Orange, NSW. 

Mr Tindall was banned from providing financial services after ASIC found that he had: 

  • engaged in misleading and deceptive conduct on a client's behalf by failing to disclose their pre-existing medical conditions on an insurance application submitted to an insurer; 
  • engaged in dishonest conduct by not disclosing the medical conditions in transferring that insurance obtained to a new insurer; and  
  • recklessly made misleading comparisons about superannuation products to four clients, which induced those clients to switch their superannuation. 

ASIC Deputy Chair Peter Kell said, 'ASIC will take action against financial advisers who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry.' 

On 17 January 2017, Mr Tindall applied to the Administrative Appeals Tribunal (AAT) for a stay of the banning and review of ASIC's decision. The stay application was heard on 27 January 2017. On 9 February 2017, the AAT refused the stay. The date for the hearing of review of ASIC's decision is yet to be set.