The Administrative Appeals Tribunal has affirmed ASIC’s decision to ban Illawarra-based financial planner Ross Tarrant for seven years, in a case related to the collapse of Trio.
In a decision handed down on 20 December and publicised by ASIC today, the AAT found that the banning order issued by ASIC was appropriate as there were “numerous breaches of financial services law” in play.
Mr Tarrant was the sole director of Tarrants Financial Consultants in Wollongong, a firm that invested more than $23 million of client money in the Astarra Strategic Fund promoted by Trio Capital and Shawn Richard.
“The seriousness of Mr Tarrant's behaviour – which was highlighted by the AAT as being incompetent and negligent – meant that ASIC took all the necessary steps to ensure he was removed from the industry for a substantial period of time,” said ASIC’s Peter Kell.
However, a number of Trio victims and former clients of Mr Tarrant have defended his role in the matter, describing the former adviser as a scapegoat.
Labor MP for Throsby Stephen Jones recently waded into the debate, singling out Mr Tarrant by name in a submission to the Senate inquiry into ASIC.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Sep 2018Independent advice will prosper but must be paid for: LovedayBy James Mitchell
- 21 Sep 2018Former ASFA policy advisor to boost FPA ranksBy Reporter
- 21 Sep 2018Aligned advisers in search of freedomBy Adrian Flores
- 20 Sep 2018Banned Perth adviser did not engage in dishonest conductBy James Mitchell
- 20 Sep 2018‘No advisers have been mistreated’: DalyBy James Mitchell
- 20 Sep 2018Beacon advisers held ‘ransom’ while IIOF money remains missingBy James Mitchell
- view all