ASIC bans Found Financial directors
The two directors of former ANZ-owned RI Advice Group entity, Found Financial have been banned by the Australian Securities and Investments Commission (ASIC) for dishonest and deceptive conduct.
Directors Matthew Manson Wallis and Rochelle Roanna Manoharan were banned by the regulator from providing financial services, after it was found they had acted dishonestly between June and December 2015.
Within the time period identified, Wallis and Manoharan falsified insurance applications to maximise the commission expected for Found Financial, and submitted insurance applications to Zurich Australia that were not requested by clients, were without their knowledge, and contained false information.
“People working in the financial services industry must be trusted to act with integrity. If they engage in dishonest conduct, ASIC will remove them from the industry,” said ASIC chair, Peter Kell.
The regulator also identified both Wallis and Manoharan as not being of good fame or character.
“The false insurance applications were for life insurance, TPD insurance, trauma and income protection insurance,” ASIC said.
“Found Financial paid the monthly premiums for a short period of time to give the appearance that the policies were genuine. In each case the policies lapsed because of non-payment.
“Both Mr Wallis and Ms Manoharan's conduct was dishonest.”
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
