ASIC bans former ANZ financial planner

26 July 2016

The Australian Securities and Investments Commission (ASIC) has banned a former ANZ financial planner from providing financial services for 18 months after he engaged in misleading conduct.

The banning was part of ASIC's Wealth Management Project, which was set up in October 2014 and focused on the largest advice firms (National Australia Bank, Westpac, Commonwealth Bank, ANZ, Macquarie, and AMP).

Miller worked as an ANZ financial planner between 2008 and 2015. An ASIC investigation found that during 2012 and 2014 he:

  • Signed the client's name on an Authority to Proceed (part of the statement of advice);
  • Asked clients to sign a blank Authority to Provide Information document (to be faxed to a superannuation fund) which was photocopied before the names of the funds and other details were inserted;
  • Changed an ATPI document after it had been signed by the client; and
  • Created two versions of a diary note of the same event, which Miller signed and dated with the date of the event they recorded even though the diary notes were created some weeks after the date written.
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ASIC deputy chair, Peter Kell, said: "Financial planners are required to meet stringent compliance standards to protect the interests of their clients and instil confidence in the broader financial advice industry".

"ASIC will ensure advisers who fail to meet these standards are removed from the financial services industry."

ASIC listed 16 other advisers who were banned under its project, in addition to Miller.

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What are the criminal charges for forging clients signatures, ala signing the Authority to proceed? Just 18 months out of the industry? How the hell are you going to build trust if this guy is back in the industry after 2 years? Oh arent you the one that got caught signing Mr Jones paperwork? Yes thats me but that was 18 months ago, I have changed. Really?

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