Victorian financial planner permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned Victorian financial planner, Ahmed Saad of Glenroy, from providing financial services for dishonestly obtaining money from retail superannuation fund accounts for the purposes of operating a scheme providing clients with illegally early access to their superannuation.
The banning followed ASIC’s investigation into Saad’s conduct as an authorised representative of Apogee Financial Planning and through his business Saad Wealth Management, between October 2016 and September 2017, which found that he had breached financial services laws by:
- Engaging in dishonest conduct on approximately 164 separate occasions illegally obtaining funds from client superannuation accounts for a total of $1.4 million from Nulis Nominees Australia
- Engaging in misleading and deceptive conduct by falsifying figures and details in client statements of advice and adviser remuneration fee forms
- Failing to act in the best interests of his clients and not providing them with appropriate advice
Saad, who according to ASIC “was not of good fame and character”, has the right to lodge an application for review with the Administrative Appeals Tribunal (AAT).
Recommended for you
Ethical considerations fall down the list in terms of priorities for consumers seeking financial advice when there is a pessimistic economic environment, according to the RIAA study.
Reacting to the Compensation Scheme of Last Resort levy, the FAAA said another levy in addition to the existing ASIC levy will drive advice firms out of business.
Five years after the firm went into liquidation, ASIC has cancelled the Australian financial services licence of troubled investment firm Endeavour.
The development of a broad array of innovative products should not be first priority for the industry when it comes to retirement and could drive up the cost of financial advice, according to Deloitte.