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
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
