ASIC bans financial adviser for five years

ASIC bans financial adviser for five years
ASIC bans financial adviser for five years

The securities regulator has banned a financial adviser from Orange, NSW for providing false information about a client to an insurer and also misleading others on superannuation products.

Darren Tindall has been banned by the Australian Securities and Investments Commission from providing financial services for five years after an investigation found he failed to comply with financial services laws. 

Tindall was an authorised representative of Roan Financial Group Pty Ltd between 9 May 2013 and 19 May 2014, and was based in Orange, NSW.

During the investigation, the ASIC found that he had: 

  • engaged in misleading and deceptive conduct on a client's behalf by failing to disclose their pre-existing medical conditions on an insurance application submitted to an insurer; 
  • engaged in dishonest conduct by not disclosing the medical conditions in transferring that insurance obtained to a new insurer; and  
  • recklessly made misleading comparisons about superannuation products to four clients, which induced those clients to switch their superannuation.
  •  

ASIC deputy chair Peter Kell said, “ASIC will take action against financial advisers who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry.”

Tindall’s appeal the Administrative Appeals Tribunal for a stay on the ban was refused recently while a date for the hearing of review of ASIC's decision is yet to be set.

 

Tags: 
Asic Legal

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