ASIC has banned Hobart-based, former Meritum Financial Group and InterPrac Financial Planning adviser, Hannah Jennings from providing financial services, carrying on a financial services business and controlling an entity that carries on a financial services business for four years.

On 11 June 2017, Mr Hutchison was permanently banned by ASIC from providing financial services (17-188MR). ASIC had found that between January 2011 and November 2012, as a financial adviser and authorised representative of RI Advice Group Pty Ltd (RI Advice), Mr Hutchison acted dishonestly.

Brisbane-based former financial adviser Nathan Smith has been banned from providing financial services for three years.

ASIC claimed that “AMP companies received over $500,000 in insurance premiums from the superannuation accounts of deceased customers, with at least $350,000 charged between May 2015 and August 2019.”

“Additionally, it is alleged that the AMP companies received over $100,000 in advice fees from deceased customer accounts, with at least $75,000 being charged between May 2015 and August 2019.”

Killara financial planner and the sole director of QWL, Ross Hopkins, has been sentenced by the District Court of New South Wales to a maximum period of six years’ imprisonment after having been convicted of 15 dishonesty offences under the Corporations Act.

Equiti FS breached the Corporations Act when its employed advisers gave financial advice on 12 occasions that was not in their clients’ best interests and was not appropriate for their clients.

Each advice contained a recommendation to establish an SMSF, purchase a property through the SMSF and borrow funds in order to do so.

Financial advisers must not engage in misleading conduct in connection with financial products or services. Financial advisers must also prioritise their clients’ interests when providing personal advice. ASIC may ban an adviser if they lack the necessary competence to provide financial services.

Between 11 November 2016 and 13 October 2017, Mr Saad obtained $1,531,925 from Nulis on behalf of 168 clients. Between 11 August 2017 and 11 October 2017, Mr Saad attempted to obtain a further $92,400 on behalf of 10 clients.

ASIC said that its “increased resourcing” had allowed it to drive a 36 per cent increase in the number of criminal proceedings and a 64 per cent increase in civil penalty proceedings commenced since 2018.

ASIC found that Mr Nizi Bhandari acted dishonestly while assisting consumers to find and consolidate their superannuation and obtain hardship payments. This included instances where Mr Bhandari told consumers to make false statements to their superannuation fund trustees in order to gain early access to their superannuation balances.

Former financial adviser, Mr Ezzat-Daniel Nesseim, of Gordon NSW, has been charged with sixteen offences, including dishonest conduct, fabricating evidence and providing false information to ASIC.

ASIC has permanently banned a former financial adviser, Daniel McSweeny, after he was previously banned for five years. Daniel McSweeny was charged with 20 dishonesty offences in 2018, as well as one offence for falsifying books as a company director.