ASIC has permanently banned former AMP financial adviser David Fong for dishonest conduct and providing insurance advice to clients that was contrary to the best interests duty.
The corporate regulator announced in a statement that Mr Fong has been permanently banned from providing financial services and engaging in credit activities.
Mr Fong was an authorised representative of AMP Financial Planning from 1 January 2004 to 22 December 2014, ASIC said.
He provided financial advice to a large number of clients on superannuation and insurance.
The regulator found that Mr Fong had engaged in dishonest conduct relating to client records and applications for financial products, and provided advice to clients that did not comply with the best interests duty.
“Consumers trust their financial advisers to act with honesty, integrity and professionalism. Financial advisers who are dishonest and take advantage of that trust for their own commercial benefit have no place in the financial services sector,” ASIC deputy chairman Peter Kell said.
ASIC’s investigations into this and related matters is ongoing.
AMP has in place a remediation program for clients who received financial advice from Mr Fong that breached the law and caused them financial loss as a result.
Mr Fong has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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