In a statement today, ASIC announced it has banned James Edward McCarthy, a financial adviser from South Australia, from providing financial services until 14 November 2023.
Mr McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and was an authorised representative of AMP Financial Planning Pty Ltd from 16 December 2011 to 2 April 2015, ASIC said.
ASIC found that Mr McCarthy created and backdated Statements of Advice and Authority to Proceed documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.
Mr McCarthy did not provide any of the false documents to clients, ASIC said.
ASIC deputy chair Peter Kell said, “ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct.”
Mr McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC’s investigation into Mr McCarthy’s conduct followed notification by AMP Financial Planning, the statement said.
AMP could not have known anything about deceitful behavior from James Edward McCarthy, financial advisers can try to get away with things but ASIC is watching the industry very closely now