Former financial adviser permanently banned for dishonest conduct

ASIC, the Australian corporate regulator, has permanently banned Grant Taylor, of Victoria, New South Wales from providing financial services after finding he engaged in dishonest and deceptive conduct towards his clients.

Taylor was an authorised representative of GWM Adviser Services from 2003 to 2013 as well as principal of his own company, TFG Advice Solutions. TFG Advice was a corporate authorised representative of GWM from 2012 to 2016. Taylor and TFG Advice provided financial advice regarding superannuation, managed funds and securities to a number of private clients. GWM is a wholly owned financial services licensee of the National Australia Bank.

ASIC found that between August 2007 and September 2016, Taylor dishonestly withdrew at least A$1,951,000, primarily sourced from private client funds earmarked for specific investments, and used these funds for both personal and business expenses.

ASIC’s investigation also found that after 20 June 2013, Taylor held out that he was authorised to provide advice and financial services on behalf of GWM to a number of private clients when not personally authorised to do so.

The ruling comes as Australian treasurer Scott Morrison warned today that financial sector executives responsible for breaches of law could face jail, following further evidence of misconduct by the country’s top financial institutions, including AMP and the “big four” banks.

ABOUT THE AUTHOR
Christopher Copper-Ind
Christopher Copper-Ind is Editor of International Investment.

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