According to a statement, Andrew TambyRajah was an employee with ANZ Financial Planning at Hurstville between 19 January 2006 and 30 July 2014.
ASIC said it found Mr TambyRajah had engaged in misleading and deceptive conduct by creating false documents and falsely amending documents contained on client files.
This included writing clients’ names and initials on documents in the places designated for their signatures and initials; changing the dates recorded on a number of documents; and creating false investor profile forms for two clients by photocopying forms they had signed in previous years and changing the dates on the copied documents.
ASIC deputy chairman Peter Kell said, “Financial advisers are important gatekeepers who must act honestly to increase broader public confidence in the financial services industry.
“This banning should serve as a deterrent to any financial adviser tempted to act dishonestly.”
Mr TambyRajah has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
interesting the ASIC doesn’t ban the CBA for removing documents from a client file during a dispute to cause the client a financial disadvantage [I have this as evidence] but bans this fellow for 5 years .I would suggest it’s time the ASIC calls it a day
no client complaints , and no loss of money from clients or no stealing clients money. and from what I understand thebfscts have been altered to make this guy a villain … What a most odd and unjust ruling on this case
What I find interesting is that last week a Synchron adviser was banned for 8 years for failing the Best Interests duty whereby the only thing he did was replace a couple of life insurance policies and switch super funds yet this guy gets a 5 year ban for fraud. So ASIC is sending the message that breaching the Best Interests duty is a more serious crime than fraud, right?
Ok so perhaps I am the odd one out here, but was there a client complaint or were the clients worse off in any way (financially, emotionally or physically) or was this ban simply because he wasn’t great at paperwork? If not, then is this really a ban-able offence?
Not excusing sloppy advisers, but in comparison to all other professions (including the bureaucrats who populate ASIC, even if they are largely unqualified pen pushers only), the ‘mandatory’ paperwork that we have to compile year after year is staggeringly excessive and largely pointless.
If a CPA or CA were to fix their internal records (remember, he wasn’t starting false accounts and forging on application forms, ATO forms or other ‘official’ document that would defraud the clients), the worst they would get is a remark on their next QA or peer review, and that would be it, and tbh it probablu wouldn’t even be found.
This fellow is stupid rather than criminal. He should have taken a bad compliance review, undergone remediation for a couple of years, and still have a right to earn income.
Sounds like low hanging fruit for the current anti-adviser ASIC regime in place who delight in media releases showing who they have banned, to try to prove that they are ‘effective’ and on the job.
And sorry not intentionally knocking accountants, they just happen to be in my examples, but aside from when the CPA launched their AFSL, when was the last time a positive press release was issued from ASIC regarding the planning industry? When was the last time there was anyting negative released about the ISA, aside from a pizz-weak reminder about corporate boxes maybe potentially being unlawful inducements for employers?
Dear diary
Must send a note to John M with a link to that “How to provide non-fraudulent financial advice, even if you suck at paperwork” webinar.
Love,
0.5 CPD points
Wow, your witty repartee is sooooooo insightful, clearly you add intelligent conversation into any discussion, bet you are a whizz in 12 year teenage girl chat rooms.
Ditto a five year ban for fraud – how about Life time ban ASIC so the message is very load and very clear.
Creating false documents. Isn’t that a criminal act?
Yes it is a criminal offense in fact a 10 jail time offence.Yet a 5 year suspension allows him to keep the money he illegally obtained and do it all again in 5 years time.Must have been an employee from one of the 4 major banks to get such a terrible harsh penalty from the ASIC
If it was an IFA he would have got life in jail.