A former AMP-aligned financial adviser has been banned for eight years for forging client signatures and falsifying documents.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Sep 2017ASIC permanently bans unlicensed SMSF spruikerBy Staff Reporter
- 22 Sep 2017Advisers recognised at Women in Finance AwardsBy Staff Reporter
- 21 Sep 2017Advisers not fully aware of LIF impacts: ZurichBy Staff Reporter
- 21 Sep 2017Red tape forces SMEs to cut staffBy Adam Zuchetti and Aleks Vickovich
- 21 Sep 2017Bitcoin 'dangerous and speculative', says MagellanBy Tim Stewart
- 20 Sep 2017ANZ calls for adviser transparencyBy Killian Plastow
- view all