Centrepoint adviser banned for three years
A South Australian authorised representative of Centrepoint-owned Professional Investment Services has been banned from providing financial services for three years.
“ASIC found that Mr Rao had advised one of his clients to obtain financial assistance by drawing out funds from their SMSF where the removal was not permitted by the Superannuation Industry (Supervision) Act 1993 or the SMSF's trust deed,” the statement said.
The corporate regulator also found that Mr Rao had failed to prioritise the interests of a client over his own by recommending that his client's SMSF provide a loan to his business when he knew such an investment was not a sound one.
In both those instances, ASIC found that he failed to give his clients statements of advice.