Toowoomba planner banned
Friday, 7 November 2008 11:50am
Desmond Blinco of Toowomba has been banned by the Australian Securities and Investments Commission from providing financial services for 15 months after evidence emerged that he is an undischarged bankrupt.
ASIC banned Blinco because of his undischarged bankrupt status while acting as an authorised representative of AMP Financial Planning and AMP General Insurance Distribution.
Although Blinco represented AMP Financial Planning, ASIC said that neither the company nor AMP General Insurance Distribution were aware of Blinco's bankrupt status.
Blinco became bankrupt as a result of a debtors petition.
Although there is no suggestion of dishonesty in Blinco's financial dealings, ASIC said public confidence in the financial system would be eroded if no action were taken in respect of a financial adviser who has been declared bankrupt.
"Blinco has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC's decision," said the regulator.
Ruth Liew
