Bankrupt adviser removed from industry
A Sunshine Coast financial adviser has copped a nine-month ban from the financial services industry after becoming an undischarged backrupt, according to the Australian Securities and Investments Commission (ASIC).
Alistair McCreath, who was an authorised representative of Australian Life Insurance Distribution Pty Ltd, will be allowed back into the industry when his bankruptsy ends, the regulator announced.
Under section 920(A) of the Corporations Act 2001, ASIC can ban bankrupt individuals from providing financial services.
The banned adviser has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC's decision, the regulator added.
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