BREAKING ASIC has banned a Brisbane-based financial planner from providing financial services for one year for failing to disclose criminal charges.
Nina Katherina Williams did not disclose that she had been charged with fraud and stealing in Queensland when applying to be an authorised representative of Infocus Securities Australia.
During the application process, Ms Williams was required to disclose whether she was aware of any current court action against her, or had ever been the subject of an enquiry into her professional conduct or character.
Ms Williams answered “no” to those questions in both licensee and professional indemnity insurance application forms.
ASIC found that Ms Williams acted with a lack of care and professionalism in relation to these disclosures. Her failure to disclose the information could have resulted in the avoidance of the insurance contract by the insurer, meaning her clients might not have received compensation in the event of a claim or dispute.
Ms Williams has the right to appeal the Administrative Appeals Tribunal for a review of ASIC’s decision.
FASEA has come under scrutiny from a parliamentary committee for its treatment o...
ASIC must overhaul the way it engages with advisers to focus on proactive educat...
ASIC needs to work harder and more efficiently if it wants to reduce fees and im...
Get notifications in real time and stay up to date with content that matters to you.
