The Administrative Appeals Tribunal (AAT) has reduced the banning term for a former Lionsgate Financial Group-aligned adviser, who was banned by ASIC in 2015 for breaches in record-keeping.
According to a statement, the AAT reduced Atish Prasad's banning term from three years to 18 months. The move came after Mr Prasad applied to the AAT in May 2015 for a review of ASIC's decision.
Mr Prasad's banning will now cease on 26 October 2016.
Mr Prasad received the banning order from ASIC in April 2015 for alleged misconduct that occurred between June and December 2013, while he was a Lionsgate authorised rep.
At the time, ASIC said Mr Prasad 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".
ASIC deputy chair Peter Kell said the banning order "highlights the importance of record keeping by advisers".
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 25 Jun 2018Sam Henderson to retire from financial adviceBy Reporter
- 25 Jun 2018CBA to spin off 'independent' CFS GroupBy Reporter
- 22 Jun 2018Awards night recognises young adviser of the yearBy Reporter
- 22 Jun 2018AMP chair urges RC to not to restrict business modelsBy Killian Plastow
- 22 Jun 2018David Murray takes reins as AMP chairmanBy Reporter
- 22 Jun 2018Fitzpatricks announces new licensee bossBy Aleks Vickovich
- view all