ASIC has banned a former ANZ financial adviser for five years after finding he had engaged in misleading and deceptive conduct.
According to a statement, Andrew TambyRajah was an employee with ANZ Financial Planning at Hurstville between 19 January 2006 and 30 July 2014.
ASIC said it found Mr TambyRajah had engaged in misleading and deceptive conduct by creating false documents and falsely amending documents contained on client files.
This included writing clients’ names and initials on documents in the places designated for their signatures and initials; changing the dates recorded on a number of documents; and creating false investor profile forms for two clients by photocopying forms they had signed in previous years and changing the dates on the copied documents.
ASIC deputy chairman Peter Kell said, “Financial advisers are important gatekeepers who must act honestly to increase broader public confidence in the financial services industry.
“This banning should serve as a deterrent to any financial adviser tempted to act dishonestly.”
Mr TambyRajah has the right to seek a review of ASIC’s decision to the Administrative Appeals Tribunal.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all