The Australian Securities and Investments Commission (ASIC) has banned a former National Australia Bank (NAB) adviser from providing financial services and credit activities for seven years after finding he had breached financial services laws.
Shane Thompson from New Gisborne, Victoria, was banned after an investigation by ASIC, and a hearing, found he was not fit and proper to engage in credit activities.
ASIC’s investigation and the subsequent ban is a part of its Wealth Management Project, which was established in October 2014 and focuses on the conduct of the largest advice firms like NAB, Westpac, Commonwealth Bank, ANZ, AMP, and Macquarie.
Investigations found that between December 2012 and February 2013, Thompson prepared and finished ‘change of adviser’ forms, including forging client signatures without their knowledge or permission, submitted the false forms so the product issuer would be misled into transferring general NAB clients to his personal financial planning list, and benefitted from remuneration as a result of these false forms.
ASIC deputy chair, Peter Kell, said: “ASIC’s action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen misconduct: ASIC will ban you”.
Thompson can apply to the Administrative Appeals Tribunal for a review and stay of ASIC’s decision.
