Melbourne planner banned for life
A Melbourne financial planner has been banned from acting as a representative of a securities dealer or investment adviser for life.
Arif Fareed has agreed in an enforceable undertaking to the life ban, which also excludes him from applying for an Australian Financial Services licence (AFS).
The enforceable undertaking was the culmination of an investigation led by the Australian Securities and Investments Commission (ASIC) into certain proper authorities held by Fareed between November 1, 1989, and August 16, 2002.
The securities watchdog found that Fareed held proper authorities from various licensees that were not cross endorsed as required by the Corporations Act.
ASIC also found that Fareed did not disclose the value of commissions or fees that he charged when providing securities recommendations to clients not authorised by his principals. He also did not give a copy of the Advisor Services Guide to his clients.
ASIC says Fareed cooperated with the regulator during the investigation.
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
