ASIC has banned an adviser from providing financial services for 10 years for a series of compliance breaches.
Specifically, the regulator’s investigation into the practices of Craig Dangar found statements he had made to clients via disclosure documents meant he had engaged in conduct that was misleading or deceptive or was likely to deceive or mislead.
The breaches came as a result of Dangar’s activities in providing technical superannuation advice to self-managed superannuation fund (SMSF) trustees and compliance advice to a number of accountants through an organisation called SMSF Consultants between January 2004 and September 2007.
Dangar had been an authorised representative of Count Financial between July 2003 and April 2004 and an authorised representative of Charter Financial Planning between June 2006 and December 2007.
ASIC’s investigation discovered Dangar had recommended investments in Morris Finance and NSW Finance & Leasing to SMSF clients without telling them he had a beneficial interest in each company’s shares and held a directorship for both entities.
Furthermore, it was found he had failed to issue product disclosure statements or a statement of advice to clients in some cases.
Meanwhile, the Administrative Appeals Tribunal (AAT) has upheld ASIC’s decision to ban a Brisbane adviser who recommended Westpoint products.
Denise Simmons had applied to the AAT for a review of the earlier decision to penalise her. The AAT made the orders with the consent of Simmons and ASIC and no hearing before the tribunal was held.
Previously, an ASIC investigation had found Simmons had recommended investments in Westpoint without properly taking into account the clients’ circumstances and without properly researching the suggested products.
