ASIC wins case against former AMP adviser

The Administrative Appeals Tribunal has upheld ASIC’s permanent ban of former AMP financial adviser Rommel Panganiban.

The former AMP Financial Planning authorised representative was banned in September 2016 after the regulator found he had failed to act in the best interests of clients.

Mr Panganiban was found to have advised 49 clients who held risk insurance through their AMP super fund to cease their existing AMP policy and replace them with an alternative AMP insurance policy, pocketing the commission.

“[His] remuneration was positively influenced by the upfront commissions he generated as a result of his advice,” said a statement from ASIC at that time.

The former adviser then appealed to the AAT, which has now upheld the banning order.

Mr Panganiban’s conduct was reported to ASIC by AMP in October 2014, when the adviser had switched licensees to Lionsgate Financial Group, where he was authorised from September 2014 to August 2016.

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