Australian Regulator Hits Adviser with Ban

Australian Regulator - ASIC

Following an investigation and hearing, the Australian Securities and Investments Commission has given a former National Australia Bank adviser a lengthy ban.

Shane Thompson of New Gisborne, Victoria, has been expelled from providing financial services and credit activities for seven years. Thompson was employed by National Australia Bank (NAB) during the time the misconduct for which he was banned, took place.

Thompson was penalised after he contravened financial services laws and that he was not a fit and proper person to also engage in credit activities.

False Documentation

ASIC's investigation found that between December 2012 and February 2013, the adviser engaged in misleading and deceptive conduct by preparing and completing 'Change of adviser' forms including the forging of client signatures without clients' knowledge or authorization. Submitting the false 'Change of Adviser' forms to mislead the product issuer into transferring general NAB clients to his personal financial planning client list and receiving the financial planning remuneration benefit that flowed from processing these false forms.

Lifting Professional Standards

«ASIC's action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen misconduct, ASIC will ban you,» said ASIC Deputy Chair Peter Kell.

This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).

Thompson has the right to apply to the Administrative Appeals Tribunal for a review and stay of ASIC's decision.

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