Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

AAT varies ASIC ban of former ANZ adviser

ASIC/AAT/adviser/banned/

3 December 2021
| By Chris Dastoor |
image
image image
expand image

The Administrative Appeals Tribunal (AAT) has varied the ban of Sydney-based former adviser Lisa Lee from eight years to six.

Lee was banned by the Australian Securities and Investments Commission (ASIC) in May for falsifying documents while a representative of ANZ.

Lee was banned from providing financial services and appealed the decision to the AAT who modified it on 4 November, 2021.

The AAT noted she had suffered significantly already from loss of employment and was sole breadwinner as a single mother.

The banning officially started from 29 January, 2021, and the term would continue on from that date.

ASIC found when Lee was a representative of ANZ, she falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.

Lee was a representative of ANZ between 5 June, 2010, and 15 June, 2017, and then worked at Infocus Securities Australia between 19 September, 2017, and 19 November, 2018.

Lee’s banning had been recorded on ASIC’s Financial Adviser Register (FAR) and the Banned and Disqualified Persons Register.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 6 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 5 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND