August 24, 2017
ASIC has permanently banned a former Millennium 3 Financial Services financial adviser for failing to provide clients with a Statement of Advice.
The regulator banned Neil Bruce Trower, of Brisbane, from providing any financial services after a Millenium 3 audit team identified irregularities with signatures on documents during an audit of Trower’s files and reported them to ASIC.
In its investigation ASIC found that between August 2015 and December 2015 Trower had not complied with a financial services law by failing to give a number of his clients a Statement of Advice at the time he provided them with oral financial advice.
Trower was also found to have applied the signatures of a number of clients to both internal and external documents for the purpose of passing an internal compliance audit.
ASIC stated it found Trower’s conduct to be dishonest because he did not tell the affected clients that he had applied their signatures to documents, and that he submitted these documents to the internal audit team knowing it would rely on the documents as being genuine during the conduct of the audit.
At the time of the behaviour in question, Trower was an authorised representative of Millennium 3 and an employee of Lifestyle Financial Services (Qld) Pty Ltd, and provided risk advice from the outer Brisbane suburb of Cashmere.
He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.