Former WA adviser charged with dishonest conduct
Former AMP financial adviser, David Michael Fong, and his Perth-based company Fong Financial Planners have been charged with dishonest conduct.
The Australian Securities and Investments Commission (ASIC) found that in 2014, during his time as an authorised representative of AMP, Fong acted dishonestly when he:
- completed and submitted false information in clients’ insurance applications;
- failed to adequately disclose fees to clients;
- acted without client instructions; and
- failed to adequately disclose the effect of advice, for instance clients becoming uninsured after closing their superannuation accounts.
In 2017, Fong was permanently banned from providing financial services or engaging in credit activities, the regulator said. Following this, Fong appealed ASIC’s decision to the Administrative Appeals Tribunal (AAT) and the appeal process stayed pending the outcome of the criminal proceedings.
On November, 19, Fong appeared before the Perth Magistrates Court and was granted conditional bail.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. It has been listed for further mention on 14 January 2022.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
