The Australian Securities and Investments Commission (ASIC) has permanently banned Troy Williams, a former Hobart financial planner, from providing financial services for dishonest conduct which included providing false information in relation to his qualifications.
He was a former adviser at Hobart financial planning business, Directions Wealth Management, and authorised to provide financial advice as a representative of Financial Services Partners, a subsidiary of Australia and New Zealand Banking Group (ANZ).
ASIC found out that Williams had provided financial services guides (FSP) to his clients that contained false statements in relation to his qualifications, including the false statement that he had held a Diploma of Financial Planning.
Additionally, in 2014 he dishonestly created false certificates evidencing his qualifications.
In 2015 FSP suspended his authority to provide financial advice and subsequently cancelled it.
ASIC said that the outcome was a result of its wealth management projects, established in 2014, with objective to lift standards by major financial advice providers by focusing on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).
Williams has the right to appeal to the Administrative appeals Tribunal foe a review of the regulator’s decision.
