ASIC bans former NAB adviser - 2016

In a statement, the regulator said Shane Thompson had contravened financial services laws between December 2012 and February 2013 while employed at NAB.

The investigation found Mr Thompson was preparing and completing "change of adviser" forms including forging client signatures without their knowledge or authorisation.

He had also submitted those false forms to mislead the product issuer into transferring general NAB clients to his personal financial planning client list. He would then receive the financial planning remuneration benefit that flowed from processing these forms.

ASIC deputy chair Peter Kell said: "ASIC's action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen conduct. ASIC will ban you."

Mr Thompson has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

The investigation formed part of the regulator's Wealth Management Project, which was established in October 2014 and focuses on the conduct of the largest advice firms.

ASIC bans former NAB adviser - 2016

Reporter

Last Updated: 03 August 2022 Published: 04 February 2016