The Administrative Appeals Tribunal has reduced the banning period for two former Macquarie advisers from 10 years to 18 months.
Mark Alexander Landau of Balmain, NSW (formerly of Toorak Gardens, South Australia) and Marcus Roderick Campbell of South Brighton, SA, were banned by ASIC’s Financial Services and Credit Panel from providing financial services for 10 years on 10 August 2018, ASIC said in a statement.
ASIC said the AAT delivered its decision on 8 February 2019, following Mr Landau and Mr Campbell’s application for review.
Further, the AAT found Mr Landau and Mr Campbell’s conduct in falsifying email exchanges with clients and saving those falsified emails to Macquarie’s central system for recording client advice, and entering false transaction records into Macquarie’s order management system was:
“In reducing the banning period, the AAT took into account that none of Mr Landau and Mr Campbell’s clients, nor Macquarie, suffered loss, the misconduct involved isolated acts and was not for personal gain,” ASIC said
“The AAT was ‘satisfied that neither of them will in the future engage in similar misconduct.”
ASIC said it is “considering the AAT decision”.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.