Sydney adviser permanently banned


The Australian Securities and Investments Commission (ASIC) has permanently banned former Sydney Financial Adviser Daniel McSweeny from providing financial services for dishonesty and falsifying books.
McSweeny was an authorised representative (AR) of Australian Financial Services Group, which was in liquidation, from 12 April, 2006, to 19 December, 2012.
He was also a director of FF&I Holdings, also in liquidation, during the period it was an AR of Australian Financial Services Group 11 May, 207, and 1 May, 2013.
On 18 December, 2018, McSweeney was charged with 20 dishonesty offences and one offence on falsifying books as a company director.
An investigation by ASIC led to an allegation that McSweeny directed an employee to construct a back-dated statement of advice (SoA) in response to an investigation being conducted following a complaint.
On 11 February, 2020, following a two-day fitness hearing, the NSW District Court found McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months.
In Making this decision, Judge Flannery found that there was enough evidence to support the charges of dishonesty and falsifying books, in the absence of evidence from the defendant.
His banning was recorded on ASIC’s Banned and Disqualified Persons register, and he had the right to appeal to the Administrative Appeals Tribunal (AAT).
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
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.