Banned as planner, operating as accountant



The Australian Securities and Investments Commission (ASIC) has revealed that while it banned a financial planner for misconduct, that same person was allowed to continue to operate as an accountant providing tax advice.
The revelation has been made to a Joint Parliamentary Committee by ASIC deputy chairman, Peter Kell who said that the circumstances were likely to be frustrating for investors who had been impacted by the actions of the planner.
"I understand that one of the frustrations that some of the investors have is that Mr [Peter] Holt is still practising as an accountant," he said. "We can ban him from providing financial services, but if he wants to provide tax advice as an accountant we do not have the ability to ban him from that."
"My understanding is that the CPA and the Tax Practitioners Board considered the matter and decided that there was no reason to limit the way he operates."
A Senator had earlier told Kell that the planner in question was "supposed to be bankrupt but is still driving a big Mercedes, still operates his business and is in partnership and still lives in his sprawling home".
"It is very concerning, isn't it?" the Senator said.
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.