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October 11, 2016

Tasmanian financial adviser banned

The Australian Securities and Investments Commission (ASIC) has permanently banned former Hobart financial adviser Troy Andrew Rodney Williams from providing financial services.

Williams, of Sandy Bay, is a director and former financial adviser at Hobart financial planning business, Directions Wealth Management. He was authorised to provide financial advice as a representative of Financial Services Partners Pty Ltd (FSP), a subsidiary of the Australia and New Zealand Banking Group (ANZ).

An ASIC investigation found that in the period from December 2003 to March 2015 Williams acted dishonestly by providing Financial Services Guides to his clients that contained false statements in relation to his qualifications. The guides falsely stated that he held a Diploma of Financial Planning  and that he had completed certain courses related to that diploma.

ASIC’s investigation also found that in December 2014, Williams dishonestly created false certificates purportedly evidencing his qualifications and sent them to FSP.

After becoming aware of his actions, FSP suspended his authority to provide financial advice on 10 March 2015. The authority was subsequently cancelled by FSP on 20 April 2015.

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

This outcome is a result of ASIC’s Wealth Management Project, which was established in October 2014 with the objective of lifting standards by major financial advice providers.

The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).

ASIC’s work in the project covers a number of areas including:

  • working with the largest financial advice firms to address the identification and remediation of non-compliant advice;
  • seeking regulatory outcomes, where appropriate, against licensees and advisers.

As part of its Wealth Management Project, ASIC has banned the following advisers from the financial services industry, in addition to Williams:

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