Life ban for Toowoomba adviser
A Toowoomba-based financial adviser, who the Australian Securities and Investments Commission (ASIC) claims is unable to contain his dishonest and deceptive conduct, has been given a life ban.
Phillip Ian Bates, a former authorised representative of the National Australia Bank (NAB), received the permanent ban from providing financial services late last month.
Bates’ conduct was referred to ASIC and Queensland police by the bank, which sacked him in April after finding he failed to comply with the Corporations Act and NAB’s own in-house compliance requirements.
Announcing the ban, the corporate watchdog said Bates was inclined to engage in dishonest behaviour in relation to other people’s finances, and given the chance, would “engage in deceptive conduct in connection with providing advice regarding financial products”.
ASIC deputy executive director of enforcement Allen Turton said: “ASIC will act quickly to remove participants from the financial services industry who cannot act honestly and with integrity when dealing with client funds.”
Bates’ ban was handed down just days after ASIC, responding to a string of incidents unrelated to the Bates case, warned Queenslanders that they needed to be more vigilant against investment scams.
ASIC commissioner Professor Berna Collier said the corporate watchdog had detected a spike in the number of illegal schemes being operated in north Queensland.
In the past financial year alone, ASIC has taken court action against 19 illegal investment schemes, involving 960 investors and $74.5 million.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
