Victorian financial adviser cops permanent ban

by Julia Corderoy16 Oct 2015
A former financial adviser of a Westpac subsidiary advice group has been permanently banned from providing financial services by ASIC.

Amanda Ritchie, a Victorian-based financial adviser and former representative of Westpac subsidiary Magnitude Group, was permantely banned by the regulator after an investigation found that between October 2009 and August 2014, she had falsely created documents including bank statements, emails and letters, engaged in misleading and deceptive conduct and transferred funds from clients’ accounts without authorisation.

ASIC Deputy Chairman Peter Kell said, “The investing public needs to be able to trust those who provide financial services. ASIC will act to ensure advisers who flout the law and who disregard their legal obligations are removed from the financial services industry.”

Ritchie has a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.