Former AMP Financial Planning adviser banned
The Australian Securities and Investments Commission (ASIC) has banned a former AMP Financial Planning authorised representative from providing financial services for eight years for forgery and misleading conduct.
James Edward McCarthy from South Australia has been banned until 14 November, 2023 after ASIC found he had created and backdated statements of advice and authority to proceed documents and forged client signatures in order to comply with an internal AMP Financial Planning audit in March 2015.
ASIC said McCarthy did not provide any of the false documents to clients. McCarthy is the sole director of McCarthy Financial Solutions and was an authorised representative of AMP Financial Planning from 16 December, 2011 to 2 April, 2015.
ASIC launched the investigation into McCarthy after being notified by AMP Financial Planning.
ASIC deputy chair, Peter Kell, said: "ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct".
McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Recommended for you
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.
Centrepoint Alliance has upgraded its expected financial results for FY24, thanks to strong adviser recruitment and the acquisition of Queensland advice firm Financial Advice Matters.
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
