ASIC has banned a financial adviser and former employee of Meritum Financial Group, a NAB
subsidiary, from providing financial services for five years.
According to ASIC, a review of Alfie Chong's advice and compliance record found that he had provided inappropriate advice and failed to conduct reasonable investigations into the subject matter of his advice.
Further, he engaged in deceptive conduct in relation to a client signature that was copied and pasted on to an authority to proceed form, as well as provided personal advice without giving clients a statement of advice.
Chong was an adviser for Meritum from September 2005 to March 2006 and from July 2007 until June 2014, when he was terminated from the firm.
The regulator says Chong’s banning will be recorded on its register of financial advisers. However, he does hold the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.