The Australian Securities and Investments Commission (ASIC) has banned former ANZ Financial Planning adviser, Andrew TambyRajah, from providing financial services for a period of five years for ‘misleading and deceptive conduct’.
ASIC found that TambyRajah, who was a financial planner with ANZ Financial planning in Hurtsville between 2006 and 2014, had created false documents and falsely amended documents contained on client files.
This included:
- Writing clients’ names and initials on documents in the places designated for their signatures and initials;
- Changing the dates recorded on a number of documents; and
- Creating false investor profile forms for two clients by photocopying forms they had signed in previous years and changing the dates on the copied documents.
The ban of TambyRajah was a part of ASIC’s Wealth Management Project, aimed at identification and remediation of non-compliant advice, in co-operation with the largest financial advice firms, and seeking regulatory outcomes, when appropriate, against licensees and advisers.
ASIC’s deputy chairman, Peter Kell, said: “Financial advisers are important gatekeepers who must act honestly to increase broader public confidence in the financial services industry”.
“This banning should serve as a deterrent to any financial adviser tempted to act dishonestly.”
TambyRajah has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
