Finance in focus: ASIC bans major bank financial adviser

by AB06 Feb 2016
ASIC has banned a Victorian adviser for seven years.

The former NAB adviser, Shane Thompson, was banned after ASIC found he contravened financial services laws. The regulator said Thompson "was not a fit and proper person to also engage in credit activities".

ASIC alleged that Thompson engaged in misleading and deceptive conduct by:
  • Preparing and completing 'Change of adviser' forms including the forging of client signatures without clients' knowledge or authorisation;
  • Submitting the false 'Change of Adviser' forms to mislead the product issuer into  transferring general NAB clients to his personal financial planning client list; and
  • Receiving the financial planning remuneration benefit that flowed from processing these false forms.
"ASIC's action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen misconduct: ASIC will ban you," ASIC deputy chair Peter Kell said.