ASIC’s WMP claims eighth adviser
A Victorian adviser has become the eighth person to be banned by the Australian Securities and Investments Commission (ASIC) as part of the regulator's Wealth Management Project (WMP).
An ASIC investigation found that between October 2009 and August 2014, former Westpac authorise representative, Amanda Ritchie, had transferred funds from clients' accounts without authorisation, created false documents to deceive clients, and engaged in misleading and deceptive conduct to perpetuate the false documents on client accounts.
In a statement released today, ASIC said Westpac had terminated Ritchie's employment, with its subsidiary, Magnitude Group Pty Ltd, in August 2014, and reported its concerns to the regulator in December 2014.
Ritchie had been an authorised representative at Magnitude from 19 February 2013 until her employment was terminated on 14 August 2014. Prior to that she had been an authorise representative with M&S Services from 19 December 2003 until 18 February 2013.
"Ritchie is the eighth person to be banned from the financial services industry as part of ASIC's Wealth Management Project, commenced in late 2014," ASIC said.
"This project encompasses a number of investigations and proactive risk-based surveillances, with particular focus on compliance in large financial advice businesses."
AUTHOR
Nicholas O'Donoghue
Recommended for you
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.
Financial services firm Akambo has rebranded itself as an investment management and asset consulting business after almost two decades of operation, targeting $20 billion in assets under management.
Big four bank Westpac is seeking to expand the BT Panorama investment offering through strategic alliances as well as launching a low-cost offering.
