The Administrative Appeals Tribunal has agreed with ASIC's decision to ban former Commonwealth Financial Planner Don Nguyen from providing financial services for seven years.
Nguyen of Dulwich Hill, New South Wales, was disqualified by the Australian Securities and Investments Commission (ASIC) in March 2011 after it found he failed to comply with financial services laws during his time as an authorised representative for Commonwealth Financial Planning Limited (CFP) between October 2003 and July 2009.
These breaches included failure to have a reasonable basis for advice, failure to provide statements of advice or product disclosure statements, making statements that were false and misleading in a material particular and inducing clients to deal in financial products by making statement or forecast that were misleading, false or deceptive.
ASIC banned Nguyen from providing financial services for seven years.
Nguyen subsequently applied to the AAT for a review of ASIC's decision but on March 14 the AAT found Nguyen failed to comply with relevant sections of the Corporations Act 2001 (the Corporations Act) in relation to the provision of financial services, and that a seven year ban was appropriate for the protection of the public, and maintaining public confidence in the financial services profession.
ASIC's investigation into the conduct of several other former CFP advisers continues.
"ASIC is committed to taking action against critical gatekeepers such as advisers who do not meet their responsibilities," said Peter Kell, ASIC commissioner.
Buy low, sell high. It's a simple refrain but one so often forgotten. And not just by inexperienced retail investors with online broking accounts but by the professional investing community as well.
The ... Watch video
We invite you to watch our latest video featuring Bell Direct chief executive officer Arnie Selvarajah.
In the video and accompanying article he explains how easily the increasing number of advisers using ... Watch video
Financial Standard editor Mark Smith presents a roundup of the week's biggest industry news and executive appointments. In this week's news:
Macquarie to face court over van Eyk role
Macquarie Investment ... Watch video
With an 8-14% per annum return objective over the long term, the Pengana PanAgora Absolute Return Global Equities Fund is clearly managed by a team with investment acumen and a well thought out process.
Broadly ... Watch video
We invite you to watch our latest video featuring Reece Birtles, chief investment officer of Legg Mason affiliate Martin Currie Australia.
Amid volatile markets, treacherously low term deposit rates and ... Watch video
We invite you to watch our latest video featuring Zurich Investments senior investment strategist Patrick Noble.
The question of how to generate a satisfactory return to meet investors' needs is becoming ... Watch video
Get it Daily
FREE to your inbox, get the Financial Standard Daily Email.