Risk adviser gets permanent ban
ASIC has handed down a permanent ban to a former authorised representative of ANZ’s Millennium3 licensee specialising in risk advice.
Neil Bruce Trower has been banned after it was found that between August and December 2015, Mr Trower failed to provide a number of clients with a statement of advice at the time of oral provision of advice and also “applied the signatures of a number of clients to both internal and external documents for the purpose of passing an internal compliance audit”.
ASIC said the former m3 adviser’s conduct was “dishonest” and revealed that Millennium3 identified the activity during an internal audit.
“Certain compliance requirements are in place for advisers to ensure they are meeting their obligations to clients, and to ensure they act honestly and with integrity,” said ASIC deputy chair Peter Kell.
“Anyone whose conduct falls short of these standards will be removed from the financial services industry.”
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