ASIC has banned a Victorian adviser for three years after surveillance gathered through its Life Insurance Lapse Data Project found he failed to act in the best interest of his clients.<\/p>\n
The regulator banned Gurumukh Singh Mehra<\/strong> of Doveton, Victoria after it found he failed to:<\/p>\n ASIC also found Mehra, who was most recently an authorised representative of Spectrum Wealth Advisers, was not competent, or adequately trained, to provide financial services.<\/p>\n The ban will be recorded on ASIC\u2019s Financial Adviser Register, and Mehra has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.<\/p>\n ASIC Appeals Sentence of Queensland Adviser<\/strong><\/p>\n In other ASIC news, the regulator has successfully appealed the sentence of a former Queensland financial adviser who was banned by the regulator but did not receive any conviction when facing court.<\/p>\n The regulator and the Commonwealth Director of Public Prosecutions (CDPP) made the appeal against the sentence of Ricky David Gillespie<\/strong>, who was formerly a senior financial planner with Commonwealth Financial Planning.<\/p>\n In November 2012, ASIC permanently banned Gillespie from providing any financial services after he was found to have forged\u00a0client signatures; created false file notes, charged\u00a0excessive fees, and provided\u00a0advice to a client that was not appropriate in the circumstances.<\/p>\n\n