Atish Prasad of Westmead received the banning order from ASIC for misconduct that occurred between June and December 2013, while he was a Lionsgate authorised rep.
Mr Pratish was found to have failed to “maintain adequate records of his advice; provide a Statement of Advice (SOA) within the required timeframe; provide a SOA that adequately set out information about the basis on which the advice was given; and provide appropriate replacement product advice”, according to an ASIC statement.
ASIC deputy chair Peter Kell said the banning order “highlights the importance of record keeping by advisers”.
Lionsgate had licence conditions placed on it by ASIC in 2013.
Just had a look at the QSuper website and they offer a ‘telephone’ based advice for $170…
As per any of these ‘industry fund’ that provide member advice, (yes I know Qsuper isn’t technically one, but rather a quasi-Government business centre), I would love to see the quality of that advice/SoA and how much information about the client’s total circumstances they collect and therefore give sound recommendations.
Time for a level playing field and same rules for all the teams in the advice arena, especially given the Royal Commission findings into corruption/Union fees from ISA funds.
fall guy
Amazing we never hear of whether the client contributed in any way by not working closely and supportive of their planner. Was the client in a better position?…I suspect they were because if they had lost thousands that would have been shouted about loud and clear! So sad to see that process has become ASICs idol and now is far more important than outcomes!
Shouldn’t the dealergroup Lionsgate Financial been fined for adding an authorise representative that the corporate watchdog found was not adequately trained or competent to provide a financial service and had failed to comply with financial services laws. I’m sure Lionsgate were happy to be paid for his monthly dealer group fee of $1,400 per month base on their website.
Bound to happen as more and more requirements are needed. Advisers start taking shortcuts to get the business completed in a timely manner, or mistakes get made. Feeling more like a compliance officer than an adviser these days.
Newsflash, 95% of advisers in the country just had a heart attack realising that they too would suffer the exact same result if every file was ever audited. Much better to stand back and tut tut very loudly & agree with the authorities bowing to the cries of poor victims of those terrible bad advisers who put them in growth assets & made the market fall which they had no idea could possibly happen but will gladly take all the upside.
That was quick Anti V-I.. was he a mate of yours ?
If he was a bank adviser the client would be penniless, not just some small scale non-compliancee
What….. he was not a bank adviser …. I am shocked !