AAT dismisses review of ASIC banning
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.
Recommended for you
The RBA has made its latest interest rate decision at the the final monetary policy meeting of 2025.
State Street is actively seeking to launch ETFs in the Australian government, corporate and high yield bond space next year in order to capitalise on the phase-out of AT1 hybrids.
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
