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.

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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.

 

 

 




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Quick ASIC let’s Fine, Ban, Publicly shame & stone to death Mr Adviser.
Sure Mr Fong did wrong.
But seriously the comparison of Mr Fong compared to AMP, it’s AFSL Managers, General Managers, CEO’s & Board members that happily stole $$$$$$Billions in FFNS amongst a miriad of other also straight up criminal financial actions.
Not one single AMP Boss, it’s AFSL Managers, General Managers, CEO’s & Board members have seen any level of prosecution, court, fines, banning and public hanging.
IT IS BEYOND WRONG AND TOTALLY OUT OF CONTROL THAT ADVISERS GET KILLED FOR ANY AND ALL INDISCRETIONS, YET MANAGEMENT & BOSSES CAN LITERALLY STEAL BILLIONS$$$$$$$ AND NO-ONE IS HELD ACCOUNTABLE.
What a disgustingly sad joke are ASIC and it’s system.
Frydenberg, Hume, LNP need to be held to account too, as they let ASIC do this.

The "Responsible Manager/s" of an AFSL are not required;
to have done the fasea exam or
hold any particular qualifications or
have any advice experience.
It it any wonder then that stories like this might just continue to happen?

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