An adviser who had received a three-year ban from providing financial services has had that time halved after he appealed to the Administrative Appeals Tribunal (AAT).
Atish Prasad, an adviser from Westmead, Sydney was previously banned for three years in April 2015 by the Australian Securities and Investments Commission (ASIC) after it found he was not adequately trained or competent to provide a financial service.
ASIC also found that Prasad had failed to maintain adequate records of his advice, did not provide adequate or timely Statements of Advice to his clients, and did not provide appropriate replacement product advice. His misconduct took place during June 2013 and December 2013, while he was an authorised representative of Lionsgate Financial Group.
Prasad appealed the banning at the AAT on 15 May 2015, two weeks after receiving the ban, with the AAT deciding on 8 June 2016 to vary ASIC’s decision and reduce the term of the ban from three years to 18 months, with the ban now set to end on 26 October 2016.
