ASIC permanently bans former Westpac manager
ASIC has permanently banned former Westpac Bank home finance manager Mr David St Pierre from engaging in credit activities and providing financial services.
Mr St Pierre, of Mt Nathan, Queensland, was a home finance manager for Westpac Bank between September 2000 and April 2011.
An ASIC investigation found that between July 2008 and June 2010, Mr St Pierre submitted loan applications to Westpac for approval when he knew that they contained false information and that they were supported by false documents.
Mr St Pierre also failed to prepare an authority that accurately identified the payee of a cheque with the result that a customer cheque for $215,000 was paid into the personal trading account of a non-office holder of Capital Growth International Club Pty Ltd (CGIC), and enabled and encouraged customers to borrow funds from Westpac and earned a financial advantage in the form of cash bonuses on the loans, in addition to his base salary, despite knowing that they were elderly, a pensioner, a carer or suffering from a disability, and would not be able to repay the loan if the scheme failed.
ASIC has determined that Mr St Pierre is not a fit and proper person to engage in credit activities and is not of good fame or character, making him an unsuitable person to provide financial services.
ASIC Commissioner Peter Kell said Mr St Pierre’s misconduct was very serious.
'ASIC will ban people from the finance industry who act dishonestly and place personal interests ahead of those they service. Mr St Pierre's actions exposed vulnerable members of the community to severe financial loss and hardship', Mr Kell said.
Mr St Pierre has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
AMP to introduce annual advice agreements
AMP has announced it will introduce annual agreements for clients who currently ...
Only one in four retirees seek advice, report finds
New research has found that only one in four people aged 65 and over actively se...
Praemium adds three model portfolios to SMA
Advice platform Praemium has broadened its range of model portfolios on its sepa...