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Jailed AMP FP adviser banned by ASIC

The corporate regulator has moved to ban a former AMP Financial Planning authorised rep more than a month after she was sentenced to 13 years in prison for fraud offences.

ASIC has today announced it has permanently banned former adviser Tina McPhee from providing financial services, after being convicted pf 181 counts of theft and sentenced to a 13-year jail sentence with a 10-year non parole period on 16 May.

Ms McPhee was arrested in July 2013 after the South Australian Police alleged she had stolen as much as $1.4 million from clients.

According to an ASIC statement, Ms McPhee’s thefts included “brain injury compensation payments for two of her victims and compensation payments for four children who lost their mother and sibling in a car accident”.

The incident follows the banning of a separate former AMP FP authorised rep last week after being criminally convicted.