ASIC has permanently banned a financial adviser for double charging clients and falsifying records.
Robert Hutchison, from Western Australia, was an authorised representative of RI Advice Group, an Australian financial services licensee owned by OnePath, a subsidiary of ANZ. He was also a director of advice firm WAWM Investment Holdings.
Between 14 May 2007 and 30 November 2012, ASIC found Hutchison banked clients' cheques for advice fees into his personal bank account when he was obliged to remit or report them to RI Advice. He also failed to record the receipt of the cheques on the payment system.
He further deducted additional fees from his clients' investment platform or financial product owed to RI Advice.
Hutchison is the latest among several advisers banned from the financial services industry, according to ASIC deputy chair Peter Kell.
It is part of the corporate watchdog's Wealth Management Project aiming to lift the standards of major financial advice providers, namely NAB, Westpac, CBA, ANZ, Macquarie and AMP.
"ASIC will continue to protect consumers by removing people from the financial services industry who act dishonestly and breach the trust of their clients," Kell said.
Hutchison has the right to appeal in the Administrative Appeals Tribunal to review ASIC's decision.