The Federal Court has set aside a decision of the Administrative Appeals Tribunal (AAT) in which the AAT decided not to ban former financial adviser, Mr Gerard McCormack, from providing any financial services, despite finding that he had engaged in misleading and deceptive conduct (refer: 16-448MR).
The basis of the Federal Court's decision included that the AAT had failed to properly apply the principles of general deterrence and that the decision not to ban Mr McCormack was an error of law.
The matter has been remitted back to the AAT to have the matter re-determined.
The decision was handed down on 15 June 2017.
Background
Mr McCormack, of South Melbourne, Victoria, a former financial adviser with the National Australia Bank was initially banned from providing financial services for five years commencing on 12 February 2016 (refer: 16-059MR).
Editor's note:
Mr McCormack's initial financial services banning order has been reinstated following the withdrawal of his application 4 August, 2017 to have the matter re-determined in the AAT. Mr McCormack's banning from financial services now extends to 14 August 2021.