Wealthsure Financial Services has denied it is planning to suspend a number of its financial advisers following a series of ASIC bannings.
"No, there is no plans to suspend any advisers," Wealthsure managing director Darren Pawski told InvestorDaily.
"We've dealt with the clients [from previous suspended advisers], we've compensated. Unfortunately we were left to deal with all of that, which we have."
Pawski's comments come a day after ex-Wealthsure adviser Brian William Veitch was charged with 22 fraud charges relating to the fraudulent transfer of client funds.
Veitch, formerly of Minto, New South Wales, was charged with 21 counts of obtaining money by false and misleading statements, and one count of attempted use of a false instrument.
He was an authorised representative of Wealthsure from 14 December 2005 to 23 February 2010. He was permanently banned by ASIC from providing financial services in April 2011, the corporate regulator said in a statement.
ASIC alleged that between 23 October 2008 and 5 February 2010, Veitch fraudulently transferred funds totalling around $500,000 from seven clients' accounts without their knowledge or consent for his personal gain.
He was also alleged to have provided a client with a false portfolio statement, causing the client to believe $300,000 was still in their account when in fact it was not.
In July, ASIC permanently banned former Wealthsure adviser Colin James Oberg for withdrawing $1.55 million of client funds between September 2007 and October 2008 without their authorisation or approval.
The regulator was alerted to Oberg's conduct by Wealthsure in October 2010, by which time his authorised representative status was revoked.
At the time, Wealthsure said it was conducting an internal investigation on another former financial adviser and Oberg following a permanent ASIC ban.
Pawski confirmed clients affected by either Veitch or Oberg's misconduct had been compensated.
