ASIC bars former Westpac representative
The Australian Securities and Investments Commission (ASIC) has permanently banned David Jarrett, a former Westpac employee, from providing any financial services in the future.
The imposed penalty comes after an ASIC investigation found Jarrett had misappropriated clients’ funds during the time he was a representative of the bank between February and December 2003.
Specifically, the regulator alleged Jarrett twice withdrew from a client’s savings account the sum of $417,300 without authorisation, and also terminated a client’s investment totalling close to $168,000 without permission.
ASIC was notified of the alleged illegal activities of Jarrett by Westpac, and received the bank’s full co-operation during the investigation.
Jarrett can now request a review of the regulator’s decision by lodging an application to do so with the Administrative Affairs Tribunal.
“ASIC will continue to exclude representatives who engage in misconduct to protect consumers and maintain confidence in the financial services industry,” ASIC deputy director of enforcement Allen Turon said.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
