ASIC bans former Westpac adviser
Westpac adviser Sudhir Kumar Sinha has been banned from providing financial services until June 2022 with the Australian Securities and Investments Commission (ASIC) finding the Western Australian failed to meet advice service obligations.
Sinha is the 39th planner banned under the regulator’s Wealth Management Project which tracks the conduct of employers in the country’s largest financial services firms.
“ASIC is committed to improving conduct in the wealth management industry and we will act to remove advisers who do not live up to the high standards expected of financial advisers,” deputy chair, Peter Kell said.
Westpac identified Sinha’s breaches of conduct to ASIC and found 177 clients were charged fees by Sinha although they did not receive services from him.
It was found Sinha’s conduct demonstrated a lack of adequate training and competency to provide financial services during his employment.
Sinha was also deemed likely to breach a financial services law in the future and has been banned for a period of five years.
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