An appeal to review the corporate regulator’s decision to permanently ban former financial adviser, Robert Hutchison, from providing financial services has been dismissed after Hutchison failed to appear at the hearing.
The Australian Securities and Investments Commission (ASIC) said Hutchison failed to appear at an Administrative Appeals Tribunal (AAT) directions hearing dealing with the review after remittal from the Federal Court on 9 June, 2021.
The AAT subsequently dismissed the matter for non-appearance.
Hutchison was permanently banned by ASIC on 11 June, 2017, after he:
- Banked cheques he received from his clients for advice fees directly into his personal bank account, when he knew he was obliged to remit or report them to RI Advice. Hutchison then deducted additional fees from his clients’ investment platform or financial product for payment to RI Advice; and
- Banked cheques he received from his clients for advice fees directly into his personal bank account and failed to record the receipt of the cheques on RI Advice’s payment system.