South Australian adviser Wendy Chapman has been banned from providing financial services for five years, while Queensland adviser Nina Katherina Williams has been banned for one year by the Australian Securities and Investments Commission (ASIC).
Chapman, who was an authorised representative of National Australia Bank (NAB) and Key Financial Planners, was found by ASIC to have failed to gather relevant client information when providing personal financial product advice.
This included assessments of products that might achieve clients’ objective and needs, and also failed to assess affordability and explore the consequences of replacing existing products.
She was also found to have backdated advice documents to give the impression to her licensees she had complied with her legal obligations.
Brisbane adviser Williams, an authorised representative of Infocus Securities Australia, was banned for failing to disclose criminal charges.
ASIC found when applying to be an authorised representative for Infocus, she had not disclosed she had been charged with fraud and stealing under the Queensland Criminal Code.
Williams was required to disclose whether she was aware of any current court action against her or had ever been subject to any inquiry in relation to her professional conduct or character.
She had answered ‘no’ to these questions in both licensee and professional indemnity insurance application forms.
Both have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.