In a statement issued today, ASIC announced it has banned Ramana Rao of Heathpool, South Australia, from providing financial services for three years because he was “not adequately trained or competent and demonstrated a lack of professionalism, judgement and integrity when advising some of his SMSF clients”.
“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.
[quote=Anonymous]Education standards ? It not that its common sense !!! Can’t understand what you are saying here . Do we have an eduction unit that says not to ask the public to invest in your business ? If they did , do you really think people like this are going to say No , oh no its immoral , conflict of interest etc ? You cant educate against self greed , just see the numbers of lawyers and solicitors that have been kicked out of their profession by the hundreds.Oh , maybe they too should do 7 years education not 5 , but that will not change the bent ones.[/quote]
The real problem does not exist because of insufficient education, the problem exists because there are those who do not wish to comply with the law, and that happens in every industry.
Perhaps he could just become a member of the FPA and sign up to their code of conduct and that should be sufficient penalty. That is good enough to keep the CBA out of trouble so why not on this case?
If he had been advising for 3 years what responsibility should his dealership bear for him “not (being) adequately trained or competent and demonstrated a lack of professionalism, judgement and integrity when advising some of his SMSF clients”.
He is on the website financialplannerreport.com.au/financial-adviser/000245158-ramana-rao
as ceased…no action
Ramana Rao Financial Planner Report
Name: Ramana Rao
Rep Number: 000245158
Status: Ceased
First Advice: 1982
Disciplinary action: No action
Most Recent Role: 2010-05-04 – 2017-01-23
Licensee
Name: Professional Investment Services Pty Ltd
Number: 000234951
ABN: 11 074 608 558
Controlled By: Centrepoint Wealth Pty Ltd
Appointed By
Name: Metaplanners Group Pty Ltd
Licence Number: 000353215
ABN: 92 074 726 793
He has been an adviser for 35 years so we can only presume that he has been incompetent for that whole period
He needs to be kicked out but his Dealership also needs to be penalised
And this is why Education Standards need to be a barrier to entry.
I hope the exam that needs to be passed is adequately difficult to make sure advice like this can’t continue.
Education standards ? It not that its common sense !!! Can’t understand what you are saying here . Do we have an eduction unit that says not to ask the public to invest in your business ? If they did , do you really think people like this are going to say No , oh no its immoral , conflict of interest etc ? You cant educate against self greed , just see the numbers of lawyers and solicitors that have been kicked out of their profession by the hundreds.Oh , maybe they too should do 7 years education not 5 , but that will not change the bent ones.
good riddance