ASIC bans SMSF adviser for 10 years

The Australian Securities and Investments Commission (ASIC) has banned NSW financial adviser Craig Gerard Dangar from providing financial services for 10 years.

ASIC found Dangar had recommended to a number of his clients that they invest in two companies he was a director of, and in which he held a "beneficial interest" in shares, namely Morris Finance and NSW Finance & Leasing (in administration since December 2008).

ASIC said Dangar also failed in some cases to provide clients with Product Disclosure Statements and Statements of Advice when giving financial advice.

He was also found to have "engaged in conduct that was misleading or deceptive or was likely to mislead or deceive in relation to statements made in various disclosure documents he gave to his clients".

The regulator investigated Dangar's conduct while he worked at SMSF Consultants between January 2004 and September 2007, where he provided technical superannuation advice to self-managed superannuation funds (SMSFs) and compliance advice to other accounting firms.

Dangar was an authorised representative of Count Financial in 2003-04 and one at Charter Financial Planning in 2006-07.

ASIC said Dangar has the right to apply for a review of its decision with the Administrative Appeals Tribunal.