ASIC permanently bans former FPSA adviser

The corporate regulator has permanently banned a former Financial Planning Services Australia (FPSA) adviser after he pleaded guilty to fraud.

Former FPSA adviser Darren Wise of NSW has been permanently banned from providing financial services.

The ban follows an investigation and criminal action against Mr Wise which resulted in him pleading guilty in the Maroochydore Magistrates Court to three charges of dishonestly gaining a benefit, the making of false documents and use of false documents involving more than $1 million of his clients' assets.

"In determining to ban Mr Wise from financial services, ASIC also took into account misleading and deceptive conduct by Mr Wise, involving the sale of a client's securities without their authorisation or knowledge," the statement from ASIC said.


"Mr Wise then continued to mislead and deceive the client about the sale for a number of years by continuing to make falsely represented dividend payments," it said.

ASIC deputy chairman Peter Kell said: "Mr Wise's conduct demonstrates a clear disregard for his obligations as a financial adviser and for the interests of his clients. It is appropriate that he be permanently removed from the financial services industry."

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

ASIC permanently bans former FPSA adviser
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.