The Administrative Appeals Tribunal (AAT) has reduced the banning term for a former Sydney-based financial adviser from providing financial services from three years to 18 months, revoking Australian Securities and Investments Commission’s (ASIC’s) previous decision.
In April 2015, ASIC banned Lionsgate Financial Group authorised representative, Atish Prased, for three years from providing financial services on the grounds that he was not “adequately trained to provide a financial service” as well as for “failing to comply with the financial services laws”.
The misconduct occurred between June 2013 and December 2013. In 2013, ASIC also imposed licence conditions on Lionsgate due to its concerns that the firm had been not complying with its general obligations as an AFS licensee.
In May 2015, Prasad appealed to the AAT, asking for a review of ASIC’s decision.
The banning now ceases on 26 October, 2016.
