ASIC bans former ANZ adviser
The Australian Securities and Investments Commission (ASIC) has banned former ANZ Financial Planning adviser, Andrew TambyRajah, from providing financial services for a period of five years for ‘misleading and deceptive conduct'.
ASIC found that TambyRajah, who was a financial planner with ANZ Financial planning in Hurtsville between 2006 and 2014, had created false documents and falsely amended documents contained on client files.
This included:
- Writing clients' names and initials on documents in the places designated for their signatures and initials;
- Changing the dates recorded on a number of documents; and
- Creating false investor profile forms for two clients by photocopying forms they had signed in previous years and changing the dates on the copied documents.
The ban of TambyRajah was a part of ASIC's Wealth Management Project, aimed at identification and remediation of non-compliant advice, in co-operation with the largest financial advice firms, and seeking regulatory outcomes, when appropriate, against licensees and advisers.
ASIC's deputy chairman, Peter Kell, said: "Financial advisers are important gatekeepers who must act honestly to increase broader public confidence in the financial services industry".
"This banning should serve as a deterrent to any financial adviser tempted to act dishonestly."
TambyRajah has the right to seek a review of ASIC's decision to the Administrative Appeals Tribunal.
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.