Qld adviser permanently banned
A former Millennium 3 Financial Services representative and employee of Lifestyle Financial Services, Neil Bruce has been permanently banned from providing financial advice after the corporate regulator found he had not issued some clients with statements of advice (SOA).
The Australian Securities and Investments Commission (ASIC) found that the Brisbane adviser had failed to provide clients with SOAs while holding an Australian financial services license and applied the signatures of a number of clients to internal and external documents in order to pass an internal compliance audit.
ASIC deputy chair, Peter Kell, said: “Certain compliance requirements are in place for advisers to ensure they are meeting their obligations to clients, and to ensure they act honestly and with integrity”.
“Anyone whose conduct falls short of these standards will be removed from the financial services industry,” he said.
The internal audit team at Millennium 3 Financial Services reported Bruce to ASIC after the signature irregularities were identified in the audit.
Millennium 3 Financial Services is owned by ANZ.
AUTHOR
Hope William-Smith
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
