Former AMP adviser gets permanent ban

ASIC has permanently banned a former AMP financial adviser for acting dishonestly and failing to comply with the best interests duty.

In a statement today, ASIC announced David Fong from Perth has been permanently banned from providing financial services and engaging in credit activities.

Mr Fong was an authorised representative of AMP Financial Planning from 1 January 2004 to 22 December 2014, ASIC said.

According to ASIC, Mr Fong provided financial advice to a large number of clients on superannuation and insurance.

The regulator found that Mr Fong had engaged in dishonest conduct relating to client records and applications for financial products, and provided advice to clients that did not comply with the best interests duty.

ASIC deputy chairman Peter Kell said, "Consumers trust their financial advisers to act with honesty, integrity and professionalism. Financial advisers who are dishonest and take advantage of that trust for their own commercial benefit have no place in the financial services sector."

Advertisement
Advertisement

ASIC's investigations into this and related matters is ongoing. AMP has in place a remediation program for clients who received financial advice from Mr Fong that breached the law and as a result caused them financial loss, ASIC said.

Mr Fong has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.

Former AMP adviser gets permanent ban
default
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.