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.”
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.
I was one of his clients who lost over tens of hundreds of dollars, giving me misleading information, not dropping my house off life insurance as I sold it and the money way coming out monthly for ages.
Had AMP lawyers call me and after hours of discussion I receive a letter of compensation for just over $2,000 to be reimbursed with AMP.
What about all the money I have lost!!!! Fong deserves to be in prison for what he has done, ?????
One wonders how this might differ from the advice you would get from phone-based advice or face-to-face advice from a Union Super Fund representative? Is it the fact that all his clients ended up in AMP funds? How many people that get ‘advice’ from someone at Union Super end up in a Union Super account? With Union Super insurance? ASIC cant honestly believe that it’s in every clients interest to maintain or move to Union Super, can they? How can an adviser recommending insurance cover be retained, increased or taken out with most of the policies on offer via Union Super funds meet the Best Interest Duties owed to the client/member? With most of these policies containing sub-standard policy wordings in relation to TPD cover how can any decent adviser recommend it? I’m not with AMP, I’m with what is formerly known as an independently-aligned, non-bank owned AFSL. The pursuit of advisers from the “Big5” and advisers that dont meet 923 only continues to emphasis the bias that ASIC has against any sector that isnt the 23 or so advisers who are 923 compliant and members of IFAAAAA or who work at Union Super.
Depends whether you consider recommending $10,000p.a. insurance through super + $5,000 upfront fee in a fund with a balance of only $20,000 appropriate advice. No contributions recommended , minimal SGC and not to mention not disclosing the fee properly.
I tell you what his advice was. Close all your other Super Accounts and transfer funds to AMP Super . he gets transfer commission and follower fees. Glad they caught up with him.
Care to explain what “transfer commission” and “follower fees” are Allan?
Um as opposed to what the ISA funds say over the telephone, but somehow they’re exempt. So that makes perfect sense, right??? Wtf
Really Edward? what part of-
•[i]engaged in dishonest conduct relating to client records and applications for financial products;
•provided advice to clients that did not comply with the best interests duty, was not appropriate and did not leave them in a better position having received the advice
[/i]dont you understand? From reading ASIC’s notice it says further…”[i]In respect of dishonest conduct, the ASIC delegate noted that Mr Fong’s dishonesty was not confined to a single event or client and is illustrative of a person who has a fundamental lack of honestly and professionalism. On this basis, ASIC has reason to believe that Mr Fong is not of good fame or character[/i].” Sounds to me he was liberal with the truth about his clients affairs and was wiling to put anything on documents to get a sale and his clients welfare was the last of his consideration.
As you renew your membership fees just remember that at least he got a discount on his fees when he joined either the FPA or AFA. Do you feel like a charity? It seems this is the type of planners the FPA want. i.e 100% AMP advisers. The silence from the FPA is deafening, the press release must of gotten lost…oh wait they got a lump payment from AMP so they don’t want to rock the boat….much easier to pick on a member aligned somewhere. me thinks maybe there too busy being wined and dined by AMP to say anything.
How do you know he is a Member of the FPA? I can find no reference to this person (or similar) on the ASIC FAR. Let me know the source of your information to have made this statement of fact please.
Wonder what he did that was so “dishonest” to be deserving of a life ban? Did he misspell a customers surname on a life insurance application which caused the product provider to be “misled and deceived or likely to be misled and deceived”?