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.
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.