Former NAB, Infocus advisers banned

ASIC has banned two former financial advisers for five years and one year respectively.

Former NAB adviser Wendy Chapman and Brisbane-based former financial adviser Nina Katherina Williams were banned by the regulator last week.

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."

Meantime, former Infocus adviser Williams has been banned from the industry for one year after she failed to disclose prior criminal charges when applying as a representative of Infocus Securities Australia.

Williams had been charged with fraud and stealing under the Queensland Criminal Code.

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."

Read more: ASICNABNina Katherina WilliamsInfocus Securities AustraliaWendy ChapmanKey Financial PlannersQueensland Criminal Code
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