ASIC bans adviser for SOA breaches
A Sydney-based former authorised rep of Lionsgate Financial Group has been banned for three years for breaches of record-keeping and Statement of Advice requirements.
by Reporter - April 29, 2015 9 comments
Atish Prasad of Westmead received the banning order from ASIC for misconduct that occurred between June and December 2013, while he was a Lionsgate authorised rep.
Mr Pratish was found to have failed to “maintain adequate records of his advice; provide a Statement of Advice (SOA) within the required timeframe; provide a SOA that adequately set out information about the basis on which the advice was given; and provide appropriate replacement product advice”, according to an ASIC statement.
ASIC deputy chair Peter Kell said the banning order “highlights the importance of record keeping by advisers”.
Lionsgate had licence conditions placed on it by ASIC in 2013.
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