ASIC Banning

AFA News 21 May 2021. Recently, we saw an ASIC Media Release which talked about the banning of a financial adviser for eight years due to the adviser falsely witnessing binding nomination forms for 17 clients, backdating documents and falsifying a client’s signature on documents.

ASIC reminds us that advisers must act honestly and with integrity in their dealings with clients and may ban an adviser if it has reason to believe an adviser is not a fit and proper person to provide financial services or they are likely to contravene a financial services law.

We have highlighted this, to bring members attention to how ASIC respond to these matters and to provide context as to the expectations under the law and the Codes that apply to financial advisers and members of professional associations.

Please click here to see the ASIC Media Release.

Issued 21.05.2021. AFA Policy & Education Update