Victorian adviser Michael Davie has pleaded guilty to the charges in Melbourne Magistrate Court after an ASIC investigation found he had made “false or misleading statements in documents submitted” to the regulator when applying for an AFSL.
ASIC’s investigation found he had submitted a “forged educational certificate” and a “table referring to an educational qualification that had not been made”.
The court found the charges proven but opted to hand down a 12-month good behaviour bond with no conviction recorded. The offence potentially faced a maximum penalty of five years’ imprisonment and/or a $36,000 fine.
An AMP spokesperson confirmed to ifa that Davie is a Charter authorised representative and has been suspended while the legal matter is ongoing in accordance with in-house policy.
“This is a very disappointing situation,” the spokesperson said.
Commenting on the matter, ASIC deputy chair Peter Kell said the regulator takes AFSL applications seriously.
“The issuing of charges reflects the high degree of integrity expected of people who apply for and operate under a financial services licence,” Mr Kell said.
“It also shows that ASIC wants reputable financial advisers, who play by the rules, to be able to operate on a level playing field.”
How is this about ISA. This is a planner looking to go self licensed that couldn’t even be honest with his application. Forgery is forgery no shades of grey as far as I remember.
It’s about ISA due to the biased media blasting ASIC love to spread about how they are banning or fining or taking to court ‘financial advisers’ (half of which are either actually stock brokers, accountants, or pure unqualified charlatans but they all are labelled ‘advisers’ in ASIC media releases), and yet when have you seen a single media release about ASIC taking any form of investigation let alone action against any ISA rep or institution? Are they perfect, do they have such a pure business model that there is nil fault or ‘bad apples’? When we start getting some decent balanced action and reporting coming out of this repugnantly biased group, then the vitriol in these comments may abate, until then a number of us have every intent to show up the hypocrisy in any avenue possible. Don’t like it, vote it down but as per the comments below, seems a reasonable number are sick of the unlevel playing field as well.
I agree, but we really need to get our own house in order and not be afraid to call out the crooks.
Anonymous, I sincerely hope you are not a practitioner because you spend more time posting your poorly informed opinions than running your business.
Pray, please elucidate us all with your wisdom RC. “Poorly informed opinions” begs for us to be better informed or educated from the wonderful font of knowledge that you clearly believe you possess. Correct any of the comments that any of the people have written here under anon… (oh and btw, ‘anonymous’ clearly isn’t just one person you twerp, it’s anyone who doesn’t want to use some other moniker, even a bad one like yours).
Classic, the original post was not mine but you do realise most people post under anonymous
So….“….ASIC wants reputable financial advisers, who play by the rules, to be able [b]to operate on a level playing field[/b].” do they???
What an absolute joke Peter Kell and ASIC are! There is NO level playing field here!!
You keep changing the rules to pull the rug out from underneath advisers in order to serve your left wing mates best interests and when they do something wrong – its ignored. You handpick information to fulfil an agenda you’ve already predetermined and you ignore facts and figures that are presented to you to defend the hard work that honest advisers perform.
good, positive and fair outcome on this one. well done ASIC and the court
John I will believe ASIC(k joke) is ‘positive and fair’ to our industry when I see them investigate and take action against all the incorrigible and indefensibly bad advice the ISA perpetrate, seen plenty of examples across my desk personally. This is not to mention the bigger issue of ASIC(k joke) admitting they haven’t bothered to look into Union cash guzzling from the ISA funds…
JK but not banned, not suspended, no disciplinary action recorded on ASIC adviser register and still an AR of Charter. …. FPA ?