Former ANZ planner gets year ban

The corporate regulator has banned a former ANZ planner for one year after finding he was not adequately trained or competent to provide financial services.

Wayne Meadth was an employee of Australia and New Zealand Banking Group (ANZ) from 2004 to March 2014.

ANZ lodged a breach report with ASIC regarding Mr Meadth.

ASIC's investigation found that during 2012 and 2013, Mr Meadth failed to provide 11 clients with written documentation of his recommendations about their investment portfolio.

The clients had paid for a package which included an annual review service and required a planner, on an annual basis, to review a client's objectives and strategy and provide written documentation of the planner's recommendations.

ASIC deputy chairman Peter Kell said, "ASIC expects financial advisers to fulfil all of their obligations to their clients. Failure to do so is unacceptable."

Mr Meadth has the right of appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

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