The Australian Securities and Investments Commission (ASIC) has banned a former Macquarie Equities Limited representative from providing financial services for three years after finding he was not adequately trained to provide financial services.
ASIC banned Ben Rickman after investigations found that during his employment at MEL from July 2012 to June 2014, he represented himself as a solicitor/conveyancer in a property purchase transaction, and drafted legal documents such as wills, and gave legal advice about those documents.
However, Rickman has no legal qualifications and is not licensed as a conveyancer.
"ASIC found that the poor results of file reviews conducted by Macquarie, and the fact that Mr Rickman acted outside the scope of his Macquarie Representative Authority and employment agreement demonstrated that Mr Rickman does not have the ability, professional skills or judgement to competently provide financial services," ASIC said.
"Further, ASIC found that Mr Rickman has demonstrated a lack of understanding regarding the role of a financial adviser."
Rickman has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.
The investigations were conducted as part of ASIC's Wealth Management Project, which was set up in October 2014 and focuses on the conduct of large financial advice firms such as Westpac, the Commonwealth Bank, National Australia Bank, ANZ, Macquarie and AMP.
The project looks to identify non-compliant advice, and seeks regulatory outcomes against licensees and advisers where required.
Comments
One wonders if he is does not now "have the ability, professional skills or judgement to competently provide financial services," whether he will have gained these at the end of his banning in three years. Why not ban him for life?
Ahh another that was "not adequately trained"..... bit of a theme here - he was an employee too, and "demonstrated a lack of understanding regarding the role of a financial adviser." So any action taken against Macquarie management for such inadequate training and supervision? NOPE.
How did he get the job in the first place?? I know, he was a great salesman so they wanted him. For 2 years they didn't see the Wills on the file he was drafting? How can Macq executives not also be punished? These AR are just bullets for the insto machines to keep firing into the market, the machine is fine and untouched.
Not adequately trained? Wowsers what the hell is going on with these people do they actually care about the industry or just themselves? Yes these teflon managers have a lot to awnser for, if a AR is banned, ASIC must investigate further and start getting those up the chain. The advisers change but the same GMs are still there pulling the strings so we keep seeing the same crap happen again and again!!!!
This seems weird - ASIC doesn't regulate the law profession and anyone can draft a will...it seems to be outside of scope for an AFSL - however accountants do this kind of thing all the time...outcome may be right but this information is vague and process looks strange...was it driven from a client complaint? Is it the worst thing ASIC found at Macquarie? Doubt it.
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