ASIC permanently bans former financial planner
The Australia Securities and Investment Commission (ASIC) has permanently banned former financial planner Neil John Evans of Wodonga, Victoria, from providing financial services.
Evans was banned after ASIC found he lacked the judgment necessary to discharge the duties and obligations imposed on a provider of financial services.
In 2017, Evans had been examined twice by ASIC under section 19 of the ASIC Act 2001 regarding his conduct in vote-rigging the WAW Credit Union Co-Operative Limited (WAW) director elections.
He had been alleged to have misued no less than 499 WAW members’ personal details to cast ballots on their behalf without their authorisation.
ASIC found evidence given by Evans in his February 2017 examination differed from the evidence he gave in his subsequent examination in August 2017.
The ASIC delegate was satisfied that Evan’s conduct demonstrated a repeated lack of judgement, giving ASIC reason to believe he was not of good character and likely to contravene financial services law.
Evans had sought a review of the ASIC delegate’s decision by the Administrative Appeals Tribunal (AAT).
AUTHOR
Chris Dastoor
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
