ASIC has permanently banned former Victorian adviser, Anneliese Ada Willmott, from providing financial services.
The regulator notes Willmott is a director of Polaris Financial Services Pty Ltd and was an authorised representative of dealer group firm, Financial Wisdom Limited, from 12 November 2015 until 10 August 2017.
ASIC found Ms Willmott had:
- Engaged in dishonest, misleading and deceptive conduct by forging client signatures, using false documents and back-dating documents
- Deleted records to conceal misconduct
- Falsely declared to have witnessed signatures on Death Benefit Nomination Forms and arranged for others to backdate and falsely witness these forms
- Failed to provide Statements of Advice to clients
ASIC says its investigation followed a notification from Financial Wisdom and that Willmott has the right to appeal to the Administrative Appeals Tribunal for a review of its decision.
In other news from ASIC, the regulator has announced it has cancelled – for the first time – the licences of two NSW-based financial services providers for failure to obtain membership of the Australian Financial Complaints Authority scheme.
The two firms are Sydney Business Accounting and A G Calleia & Co, whose licenses were both cancelled in mid-February 2019.
ASIC notes that all AFS licensees, Australian credit licensees, superannuation trustees and other financial firms that provide services to retail clients were required to become members of AFCA by 21 September 2018.
ASIC Commissioner, Danielle Press, said these cancellations are significant because this is the first time ASIC has cancelled licences for non-compliance with AFCA membership requirements.