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.
AUTHOR
Oksana Patron
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
