In a statement, the regulator said ex-ANZ adviser Lisa Lee had allegedly falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.
Ms Lee had been an authorised representative of the bank from 2010 to 2017, and had been licensed under Infocus Securities from 2017 to 2019.
ASIC said Ms Lee had appealed to the Administrative Appeals Tribunal for a review of the regulator’s decision.
“Financial advisers must act with honesty and integrity in their dealings with clients,” ASIC said.
“ASIC may ban a financial adviser if it has reason to believe that they are not of good fame or character or likely to fail to comply with the financial services law.”
Haha – one of another big 4 bank’s star advisers used to frequently have client meetings at times/locations when his support staff couldn’t possibly have been there and then have them falsely witness binding death benefit nominations. The number of clients impacted would be far greater than 17. But when it was reported to management, it was simply covered up. Can’t shoot the golden goose now, can we?
Fraudulent documents are fraud, pure a simple. Though having witnessed hearings where it’s not often so simple, it’s a shame the ASIC Analysts tasked with casting opinions and instigating banning orders, and the Delegates tasked with casting opinions and sentencing over Advisers seem to lack any sort of understanding, knowledge or experience over the matters they’re criticizing. Some of the stories that could be told would blow minds when you realise the unprofessionalism and incompetence of some, calling into question their right to hold their positions let alone destroy the positions of others.
A bit lose on the details but unless the adviser somehow benefited who actually was hurt in this?
Insto directors allow non insurance to be sold for years and all still seem to be paid their directors fees, keep their jobs, etc Regulators respond with the law does not give them the power to do anything about these
“Phoenix” directors moving around to the next insto and its poor customers to be.
So we are left with what? Let’s ban an adviser who may have got nothing out of it except knowing they had helped someone through the bureaucracy of probate and trustees of public offer funds reams of paperwork?
Our tax dollars at work.
ASIC comes under the gun for their utter incompetence, corruption and bias. What do they do? Start rolling out press releases about banning advisers.
Those who can’t do, “regulate” apparently.