Former AMP Financial Planning adviser banned

The Australian Securities and Investments Commission (ASIC) has banned a former AMP Financial Planning authorised representative from providing financial services for eight years for forgery and misleading conduct.

James Edward McCarthy from South Australia has been banned until 14 November, 2023 after ASIC found he had created and backdated statements of advice and authority to proceed documents and forged client signatures in order to comply with an internal AMP Financial Planning audit in March 2015.

ASIC said McCarthy did not provide any of the false documents to clients. McCarthy is the sole director of McCarthy Financial Solutions and was an authorised representative of AMP Financial Planning from 16 December, 2011 to 2 April, 2015.

Related News:

ASIC launched the investigation into McCarthy after being notified by AMP Financial Planning.

ASIC deputy chair, Peter Kell, said: "ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct".

McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.




Related Content

Protecting and managing risk revenue ahead of LIF

Upcoming changes to adviser remuneration will have profound implications and advisers must act quickly to diversify and grow their revenue or potentia...more

Cuffe steps down as UniSuper chair

UniSuper director, Ian Martin is stepping up to the position of chairman, effective 1 July, replacing the outgoing Chris Cuffe who is retiring after m...more

BGL cloud offering shows growth

SMSF administration and Australian Securities and Investments Commission (ASIC) corporate compliance software provider, BGL Corporate Solutions, is se...more

Author

Comments

Add new comment