Queensland adviser permanently banned
By Zoe Fielding
A Queensland financial planner has been permanently banned from providing any financial services after the Australian Securities andInvestments Commission(ASIC) found he falsified client records and misled his dealer group.
Michel Ruurda acted as a proper authority holder of Westpac Banking Corporation from September 2002 until the authority was withdrawn in February 2004.
He also acted as an authorised representative of two other Australian Financial Services licensees.
ASIC handed down a lifetime ban to Ruurda after finding there was reason to believe he would not comply with financial services laws in the future.
The corporate watchdog found Ruurda had falsified client records by signing a client’s name without authority. He was also found to have dishonestly engaged in conduct intended to mislead the licensees for whom he had acted as an authorised representative.
In addition, Ruurda had been found guilty of committing fraud by the Queensland Magistrates Court in March 2004.
ASIC’s deputy executive director of enforcement Mark Steward said the ban serves as a warning that dishonest conduct will not be tolerated and a lifetime ban will be applied to protect the public in appropriate cases.
“ASIC will take action to ensure that financial representatives demonstrate honesty and integrity in both their dealings with clients and within the industry,” Steward said.
Ruurda has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
