Bankrupt adviser removed from industry
A Sunshine Coast financial adviser has copped a nine-month ban from the financial services industry after becoming an undischarged backrupt, according to the Australian Securities and Investments Commission (ASIC).
Alistair McCreath, who was an authorised representative of Australian Life Insurance Distribution Pty Ltd, will be allowed back into the industry when his bankruptsy ends, the regulator announced.
Under section 920(A) of the Corporations Act 2001, ASIC can ban bankrupt individuals from providing financial services.
The banned adviser has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC's decision, the regulator added.
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.