A Melbourne financial planner has been banned from acting as a representative of a securities dealer or investment adviser for life.
Arif Fareed has agreed in an enforceable undertaking to the life ban, which also excludes him from applying for an Australian Financial Services licence (AFS).
The enforceable undertaking was the culmination of an investigation led by the Australian Securities and Investments Commission (ASIC) into certain proper authorities held by Fareed between November 1, 1989, and August 16, 2002.
The securities watchdog found that Fareed held proper authorities from various licensees that were not cross endorsed as required by the Corporations Act.
ASIC also found that Fareed did not disclose the value of commissions or fees that he charged when providing securities recommendations to clients not authorised by his principals. He also did not give a copy of the Advisor Services Guide to his clients.
ASIC says Fareed cooperated with the regulator during the investigation.
