The Australian Securities and Investments Commission (ASIC) has banned a Queensland financial planner for 15 months.
ASIC determined that Desmond Blinco of Toowoomba was an undischarged bankrupt whilst acting as an authorised representative of AMP Financial Planning and AMP General Insurance Distribution.
ASIC said it understood that AMP Financial Planning and AMP General Insurance Distribution were unaware of Blinco’s bankrupt status.
The regulator said while there was no suggestion of dishonesty in Blinco’s financial dealings, public confidence in the financial system would be eroded if no action was taken.
