ASIC bans former Macquarie advisers
The Australian Securities and Investments Commission (ASIC) has banned former Macquarie Equities authorised representative and senior wealth adviser, Mark Alexander Landau and former authorised representative and executive investment adviser Marcus Roderick Campbell, from providing financial services for 10 years.
The advisers were banned on account of both men engaging in conduct that was deliberate and dishonest, and which involved continued, knowing and wilful contraventions of the law.
ASIC’s Financial Services and Credit Panel found that between 2014 and 2017, Landau, and between 2015 and 2017, Campbell:
- Falsified the content of client email exchanges to mislead or deceive Macquarie’s compliance team into believing they had not given personal advice;
- Arranged for the false emails to be saved into Macquarie’s customer relationship management system; and
- Created false order management system transaction records to reflect the emails.
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.
