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Former PIS adviser permanently banned

A former Professional Investment Services authorised representative has been permanently banned by ASIC and deemed to be “not of good character”.

ASIC has banned former adviser Grant Thompson of Southport, QLD, after it determined he had engaged in activities “counter to financial services laws” when he was an authorised rep of the Centrepoint Alliance-owned PIS between December 2003 and December 2013.

An ASIC investigation found that Mr Thompson had devised strategies to help a client “frustrate an appointed liquidator”, including preparation of documents, opening accounts and establish an offshore company in an effort to help his client deceive creditors.

“Mr Thompson's conduct demonstrated a blatant disregard for the law and failed to meet the standards expected of those entrusted to provide financial advice,” said ASIC commissioner Greg Tanzer.

“As a result, ASIC believes it is appropriate that Mr Thompson be permanently removed from the financial services industry.”