A former authorised representative of Financial Wisdom has been permanently banned from providing financial services.
Koresh Daniel Houghton was found to have engaged in misleading, deceptive and dishonest conduct and failed to act in his clients' best interests when providing advice.
ASIC's surveillance of Houghton found that Houghton:
- Created false documents by cutting and pasting customer signatures onto a letter nominating Houghton as their adviser;
- Completed and submitted insurance application forms on behalf of clients with incorrect information;
- Failed to make reasonable enquires into clients' relevant objectives, financial situation and needs; and
- Failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.
At the time Houghton was also a cross-endorsed authorised representative of Commonwealth Financial Planning and Dover Financial Advisers.
ASIC deputy chairman Peter Kell said the regulator will continue to take action and remove advisers who engage in serious misconduct and breach community trust.
Houghton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.