A former AMP Financial Planning adviser has lost his bid to have a permanent ban for churning overturned in the Administrative Appeals Tribunal (AAT).
ASIC had banned Rommel Panganiban, who was formerly an authorised representative of AMP Financial Planning from March 2010 to September 2014, in September 2016 after finding he advised clients to cancel insurance policies and replace them with others so he was eligible for the full rate of commission.
At the time of the banning ASIC stated Panganiban had filed to act in his clients’ best interests or have a reasonable basis for advice, and that he had prioritised his own interests over that of his clients (see: ASIC Permanently Bans Adviser For Churn).
Panganiban appealed to the AAT for a review of ASIC’s decision after an application for a stay of the banning decision and confidentiality orders was dismissed by the AAT.
In making its decision the AAT affirmed ASIC’s decision to ban Panganiban and also affirmed ASIC’s finding that he was not of good character.
