ASIC has banned a former Sydney financial adviser from providing financial services for three years.
The corporate regulator found that Atish Prasad, a former financial adviser of Westmead, Sydney was not adequately trained or competent to provide a financial service. In addition, ASIC found Prasad failed to comply with the financial services laws.
In particular, Prasad failed to maintain adequate records of his advice, provide a Statement of Advice (SOA) within the required timeframe, provide a SOA that adequately set out information about the basis on which the advice was given and provide appropriate replacement product advice.
The misconduct occurred between June 2013 and December 2013. At the time of the misconduct, Prasad was an authorised representative of Lionsgate Financial Group Pty Ltd.
ASIC deputy chairman Peter Kell
said this case highlights the importance of record keeping by advisers.
“Financial advisers must keep accurate and up to date records detailing a client's circumstances and the advice given. These records provide an explanation to the client as to why the advice was provided. They are also integral to enabling the licensee to comply with its obligations to ensure that its representatives provide advice that is in the best interests of the client.”
Prasad has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.