ASIC has slapped a former NAB adviser Wendy Chapman with a five-year ban from providing financial services and Queensland adviser Nina Katherina Williams has been banned for one year
Chapman who has been barred from providing financial services for five years, was formerly an authorised representative of NAB and Key Financial Planners. ASIC found that Chapman "failed to gather relevant client information when providing personal financial product advice, including assessments of products that might achieve clients' objectives and needs."
The regulator also found that the South Australian adviser "backdated advice documents to give the impression to her licensees that she had complied with her obligations under the law."
Any adviser taking short cuts or backdating documentation can expect serious consequences"
ASIC Commissioner Danielle Press said: "Advisers must act with integrity and comply with the law when providing personal advice to clients. Any adviser taking short cuts or backdating documentation can expect serious consequences. Consumers should be able to feel confident that the financial advice they are receiving is in their best interests."
Brisbane adviser Williams, an authorised representative of Infocus Securities Australia, was banned for failing to disclose criminal charges.
ASIC found when applying to be an authorised representative for Infocus, she had not disclosed she had been charged with fraud and stealing under the Queensland Criminal Code.
Williams was required to disclose whether she was aware of any current court action against her or had ever been subject to any inquiry in relation to her professional conduct or character.
She had answered ‘no' to these questions in both licensee and professional indemnity insurance application forms.
ASIC said that by "failing to disclose this information to Infocus and the professional indemnity insurer, Ms Williams prevented her licensee from making a fully informed decision about her suitability as an authorised representative."
The regulator has condemned Williams, arguing that she "acted with a lack of care and professionalism in relation to these disclosures."
Both have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
As part of its Wealth Management Portfolio, ASIC has banned 63 advisers and three directors from the financial services industry. Four bannings are the subject of appeal.