ASIC has permanently banned a former authorised representative of a Western-Australian non-aligned dealer group over her conduct advising SMSF clients.
After an investigation, ASIC found that Marion Joan Pearson had contravened financial services laws.
Specifically, the regulator found she engaged in conduct that was dishonest – including creating documents to disguise the fact that client money was paid into the bank account of Colisa (a company of which she is sole director) without the relevant client's knowledge or authority.
In addition, she engaged in conduct that was misleading or deceptive in that she misled both Ballast and clients into believing the clients' funds were placed in particular investments when in fact she had not done so.
Ms Pearson was an authorised representative of Ballast Financial Management between 1 November 2007 to 30 October 2013 and Colisa was a corporate authorised representative of Ballast between 1 November 2007 to 30 October 2013.
Ballast revoked her authorised representative status on 30 October 2013.
ASIC Commissioner John Price said, "If a financial adviser engages in dishonest conduct, ASIC will remove them from the industry".
ASIC is continuing its investigation into the conduct of Ms Pearson, but is not investigating the conduct of Ballast itself.
Ms Pearson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. She is now residing in NZ and is the sole director and shareholder of Colisa, which traded as Anmar Financial Consultants.
SUBSCRIBE TO THE IFA DAILY BULLETIN
12 Dec 2017AZNGA acquires Henderson MaxwellBy Aleks Vickovich
12 Dec 2017Zurich-ANZ deal shows ‘commitment to advice’By Staff Reporter
11 Dec 2017Insurance engagement driven by advisersBy Jessica Yun
11 Dec 2017Kaplan pushes for new CPD regimeBy Staff Reporter
11 Dec 2017AAT upholds adviser ban after successful appealBy Killian Plastow
11 Dec 2017Senate approves AFCA billBy Annie Kane
- view all