{"id":34741,"date":"2016-09-26T14:45:37","date_gmt":"2016-09-26T04:45:37","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=34741"},"modified":"2025-09-02T11:34:32","modified_gmt":"2025-09-02T01:34:32","slug":"risk-adviser-banned-for-false-information","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/09\/26\/risk-adviser-banned-for-false-information\/","title":{"rendered":"Risk Adviser Banned for False Information"},"content":{"rendered":"<p>An Adelaide financial adviser has been banned for four years for entering false health information on applications for life insurance.<!--more--><\/p>\n<p>The Australian Securities and Investments Commission (ASIC) banned former BT Financial Group (BTFG) adviser, <strong>Michael Mahoney<\/strong>, after an investigation found he engaged in conduct that was misleading and deceptive.<\/p>\n<p>Mahoney was employed in BTFG\u2019s Westpac Scaled Advice Insurance business from October 2013 to July 2014 to provide general advice to retail clients on insurance products.<\/p>\n<p>ASIC stated that during his period of employment, Mahoney entered false information regarding various clients&#8217; health or health-risk factors in telephone applications for insurance policies issued by Westpac Life Insurance Services Ltd (WLIS).<\/p>\n<p>ASIC also stated that Mahoney\u2019s actions resulted in WLIS issuing policies to clients based on false information and assuming greater risks without having an opportunity to undertake an assessment of those risks. WLIS has agreed to honour the affected client policies.<\/p>\n<p>The investigation and ban is part of ASIC&#8217;s ongoing Wealth Management Project, started in October 2014, and which focuses on the conduct of the financial advice firms within NAB, Westpac, CBA, ANZ, AMP and Macquarie.<\/p>\n<p>As a result of the Project, 23 advisers, including Mahoney, have been temporarily or permanently banned with at least four advisers banned for inappropriate behaviour relating to life insurance products or advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Adelaide financial adviser has been banned for four years for entering false health information on applications for life insurance.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,8],"tags":[],"class_list":["post-34741","post","type-post","status-publish","format-standard","category-claims","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=34741"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34741\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=34741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=34741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=34741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}