Anneliese Ada Willmott is is a director of Polaris Financial Services and was an authorised representative of a CBA-owned financial planning firm Financial Wisdom from 12 November 2015 until 10 August 2017, ASIC said in a statement.
ASIC found Ms Willmott had:
- engaged in dishonest, misleading and deceptive conduct by forging client signatures, using false documents and back-dating documents;
- deleted records to conceal misconduct;
- falsely declared to have witnessed signatures on death benefit nomination forms and arranged for others to backdate and falsely witness these forms; and
- failed to provide statements of advice to clients.
ASIC noted Ms Wilmott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
I would encourage the editor to start putting dominating the press with good stories on the media about all the great work that financial advisers have done and are doing for their clients and the community. It time to change the narrative.
False declarations for death benefits ….what could possibly go wrong …. just imagine the carnage that would ensue if a binding death nomination was overturned for a split family due to a false declaration.
… and if this is accepted common practice; there is no future for the profession.
[b]Recent BDN example:[/b][b][/b] https://news.nab.com.au/news_room_posts/nab-financial-planning-review-of-client-beneficiary-nomination-forms/
[b]ASIC Media Release[/b][b][/b]: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-015mr-asic-warns-financial-services-licensees-against-cutting-corners-on-death-nomination-forms/
Agree very simple process but not always completed and implemented correctly
@ Angry. The adviser broke existing laws. This doesn’t mean more are needed this just means the existing laws need to be enforced.
[quote=BDN]falsely declared to have witnessed signatures on death benefit nomination forms and arranged for others to backdate and falsely witness these forms;
This is a very common practice.[/quote]
Speak for yourself! It does not happen at my practice. Why other planners struggle with something so basic is beyond me.
And we wonder why our industry is in a state of regulatory overload!! forget the blame game. it is the individual that is accountable for their behaviour and ethics.
falsely declared to have witnessed signatures on death benefit nomination forms and arranged for others to backdate and falsely witness these forms;
This is a very common practice.