Westpac finance manager banned for life
A Westpac home finance manager has found himself banned for life following action initiated by the Australian Securities and Investments Commission (ASIC).
The man, Ravinesh Singh, was subject to the ASIC banning after he pleaded guilty to eight charges of dishonestly obtaining financial advantage by deception during 2011 to 2012.
"Consumers need to have confidence and trust in those providing financial and credit services. Individuals who fail to operate with integrity and in the best interests of their clients will be removed from the industry," ASIC commissioner Greg Tanzer said.
Tanzer said that Singh demonstrated a lack of high standards of honesty, integrity and judgement required of individuals working in the financial services and credit industry.
Singh worked at Westpac's Market Street branch in Sydney and has the right to appeal to the Administrative Appeals Tribunal.
Recommended for you
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.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
