ASIC bans former advisers for breaching FOFA

Two former Melbourne-based financial advisers have been banned from providing financial services for five years after ASIC found they breached the best interests duty. 

According to a statement, the regulator has banned Adrian Chenh and Billal El-Helou from providing financial services for five years after an investigation found both men failed to act in the best interest of clients, failed to provide appropriate advice and failed to provide financial services guides, product disclosure statements and statements of advice.

ASIC also determined that Mr El-Helou was not adequately trained or competent to provide financial services.

Mr El-Helou and Mr Chenh were both representatives of NSG Services from 2012 to 2015, according to the ASIC adviser register.

Yesterday, NSG Services was found by the Federal Court to have breached FOFA reforms in relation to financial advice provided by NSG advisers on eight specific occasions between July 2013 and August 2015.

ASIC deputy chairman Peter Kell said, “Financial advisers must act in the best interests of their clients and provide advice that is appropriate. ASIC is committed to raising standards in the financial advice industry.”

Mr Chenh and Mr El-Helou both have a right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.

Mr Chenh has exercised his right of appeal and filed an application for review on 21 March 2017.

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