AAT Reduces Adviser Ban


The Administrative Appeals Tribunal has reduced an ASIC ban on a former Sydney adviser from eight years down to six years.

A statement from ASIC says that on 4 November 2021, the Administrative Appeals Tribunal varied ASIC’s decision in January 2021 to ban Lisa Lee from providing financial service for eight years* (see: ASIC Bans Former Sydney Adviser).

ASIC says Lee appealed its decision to the Tribunal and the Tribunal considered that a ban for a period of six years from providing financial services “…was an appropriate regulatory response.”

*In a statement in May 2021 ASIC said it found that while a representative of ANZ, Lee “…falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.”