Former financial services rep banned for stealing
The Australian Securities and Investments Commission (ASIC) has banned former financial services representative, Craig James Wilson, providing financial services following a Court conviction for four counts of stealing earlier this year.
Wilson employed by Lifenet Financial Advice, a corporate authorised representative and credit representative of Securitor Financial Group, from 2010, and was also a credit representative and an authorised representative of Securitor.
Wilson was convicted in the District Court of Western Australia after four clients between October 2017 and January 2018 received a total of $101,800 into their bank accounts from their superannuation funds, which, due to Wilson’s actions, was more than they had requested to be withdrawn.
When the clients asked for the funds to be returned, Wilson provided his personal bank details for the refund.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.