Robert Hutchison, of Lower Chittering in Western Australia, was an authorised representative of RI Advice between 14 May 2007 and 30 November 2012, ASIC said in a statement. RI Advice is a licensee owned by OnePath, a subsidiary of ANZ Banking Group.
ASIC said an investigation found that between January 2011 and November 2012 Mr Hutchison dishonestly banked cheques he received from his clients for advice fees directly into his personal bank account, when he knew he was obliged to remit or report them to RI Advice.
Mr Hutchison then deducted additional fees from his clients’ investment platform or financial product for payment to RI Advice, the statement said.
In addition, Mr Hutchison failed to record the receipt of the cheques on RI Advice’s payment system.
ASIC noted that Mr Hutchison misled or deceived his clients by failing to disclose to them that they had been double charged advice fees and failed to comply with the proper process for remitting and reporting the fees.
He also misled or deceived RI Advice by failing to disclose that he had deposited the advice fees into his own account and did not comply with RI Advice’s relevant fees, policies and procedures.
“ASIC will continue to protect consumers by removing people from the financial services industry who act dishonestly and breach the trust of their clients,” said ASIC deputy chairman Peter Kell.
Mr Hutchison has the right to appeal in the Administrative Appeals Tribunal for a review of ASIC’s decision, the statement said.
Today the Administrative Appeals Tribunal announced, in review of the life ban imposed on 2 June 2017, that it sets aside the decision to make a banning order against Mr Hutchison.
We will seek authority from our client to release specific details as to the actual facts of the case in the coming days together with the basis for the decision.
The decision from the AAT means that instead of Mr Hutchison being subject to a life ban – is subject to no ban at all.
Following the AAT decision released today – that there is no ban – AT ALL – some people may be concerned as to the comments made in relation to Mr Robert Hutchison.
Shouldn’t the headline be ‘ASIC permanently bans ‘RetireInvest’ or ‘RI Advice’ Adviser’. Onepath is owned by ANZ and ANZ has its own employed planners. Retireinvest planners are franchisees – therefore while wholly aligned with One Path and ANZ – self employed.
Is our ‘staff reporter’ worried about upsetting ANZ and therefore using a brand that is now a legacy. I would hate to think anyone is playing politics?
I am pleased that another thief has been caught but I am pretty sure ASIC is talking to RI Advice and ANZ, not OnePath?