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."

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"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.

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