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Former super fund adviser receives permanent ban

A financial adviser, who worked at several major superannuation funds, has been permanently banned after he tried to persuade clients to transfer their retirement savings into a bank account he controlled.

Effective May 10, Kudzanai Philip Dzawo of Melbourne is permanently banned from performing any function related to running a financial services business and from controlling an entity that carries on a financial services business.

ASIC found Dzawo had "dishonestly attempted to induce clients" to transfer their superannuation into a bank account he controlled. He did so by making dishonest and misleading statements, ASIC said.

ASIC did not say over what period the misconduct took place, however Dzawo was most recently licensed by Quadrant First, which is a wholly owned subsidiary of Spirit Super. He was licensed by the fund between April 2021 and November 2022.

Prior to that, Dzawo was licensed by Link Advice, owned by Link Group, for about three years.

Between February 2016 and February 2018, he was licensed by First State Super Financial Services, having transferred there after a year with VicSuper.

Dzawo was found to not be a fit and proper person to provide financial services for making such statements, and for acting outside of his authorisation with his licensee, ASIC said.

The regulator added that Dzawo did not disclose his interest in an investment he recommended to clients and said he "demonstrated a serious lack of honesty, integrity, judgement, trustworthiness and professionalism."

According to the ASIC Financial Adviser Register, Dzawo held a Bachelor of Commerce (Accounting, Finance and Financial Planning) from Deakin University and held no industry association memberships.

Read more: ASICKudzanai Philip DzawoFinancial Adviser RegisterFirst State Super Financial ServicesLink AdviceLink GroupQuadrant FirstSpirit SuperVicSuper