AAT reduces adviser’s banning period

AAT reduces adviser’s banning period

Yes

The Administrative Appeals Tribunal has reduced an adviser’s permanent ban from the industry to six years.

Troy Williams of Directions Wealth Management was banned permanently from providing advice in 2016 after ASIC found he had provided misleading information about his qualifications in his financial services guide by stating he had a diploma he had not actually completed.

In his finding on the matter, AAT deputy president Bernard McCabe said the evidence at the time of the original banning was more than enough to justify the initial punishment, but added that “the case has evolved as the applicant’s insight into his own behaviour has changed”.

“I am not persuaded that evidence amounts (either on its own, or in the larger context of the applicant’s behaviour) to a reason to believe [Mr Williams] has enduring defects in his character,” Mr McCabe said.

“In all the circumstances, I am satisfied there is no longer reason to believe the applicant is not of good character.”

Mr Williams’ banning has been reduced to a length of six years from 30 September 2016, when the initial banning decision was made by ASIC.

AAT reduces adviser’s banning period
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