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
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
