AMP FP helps ASIC on banning
A former authorised representative of AMP Financial Planning has been permanently banned from providing financial services.
The Australian Securities and Investments Commission (ASIC) announced on Friday that Vince Aloisi of Baulkham Hills, in Sydney, had been banned following an investigation into allegations of misconduct during his employment with AMP Financial Planning from 1 January, 2004 to 5 August, last year.
It said AMP had assisted ASIC in its investigations and had brought Aloisi’s actions to the attention of the regulator.
The regulator said that as a result of its investigations it had found that Aloisi had failed to comply with financial services law by engaging in dishonest conduct by submitting or causing to be submitted to AMP Life approximately 55 applications for life insurance and/or income protection insurance which were in the names of clients who were either not genuine or in the name of individuals where there was no genuine intention to effect the insurance policies.
The ASIC announcement said Aloisi had also engaged in misleading conduct by submitting or causing the applications to be submitted which resulted in the payment by AMP Life of commission of approximately $700,000 which he then used for his own purposes.
It said that AMP Life had recovered all the commission dishonestly obtained by Aloisi and no AMP clients had suffered any loss as a result of his conduct.
AUTHOR
Mike Taylor
Recommended for you
The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted.
After seven weeks of strong growth, Wealth Data analysis shows financial adviser gains are now tapering off and returning to a regular pace.
Count chief executive Hugh Humphrey has said FY25 was a “milestone year” for the business as it completed its Diverger integration, exceeding targets with $5.1 million in cost synergies.
US wealth manager Focus Financial Partners, which includes Australia’s Escala Partners, has appointed a chief strategy officer to fuel further Australian growth.
