The Administrative Appeals Tribunal has upheld a decision by ASIC banning a former Meritum Financial Group adviser from the financial services industry for five years.
The tribunal found that the five-year ban of former adviser and Meritum representative Alfie Chong was appropriate, citing the decision as relevant for "the protection of the public", and as a "reinforcement of the integrity and reputation of the financial services industry".
The tribunal received an application from Mr Chong on 22 February to lift the ban handed to him by ASIC for failing to adhere to the Corporations Act.
Mr Chong wrote in his application: "I dispute the ASIC decision to ban me from providing financial services for the period of 5 years, which was unfair, prejudice (sic), harsh and unreasonable especially [as] there was no client that have (sic) suffered any financial loss or any intention to defraud or acted (sic) dishonestly."
On September 2015, ASIC banned Mr Chong from providing financial advice, citing a range of conduct and disclosure issues, including deceptive conduct.
Mr Chong was a representative of Meritum from 16 September 2005 to 28 March 2006 and from 20 July 2007 until 9 June 2014.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 21 Jun 2018Henderson Maxwell to merge with AZ NGA firmBy Aleks Vickovich
- 21 Jun 2018Aon caught lying about Dover licensing offerBy Aleks Vickovich
- 20 Jun 2018FASEA names new chief executiveBy Reporter
- 20 Jun 2018Sexual harassment debate sparked in advice industryBy Aleks Vickovich
- 20 Jun 2018Clear KPIs a key adviser motivator: reportBy Reporter
- 20 Jun 2018Dealer group to appear before royal commission’s fourth roundBy Aleks Vickovich
- view all