The Administrative Appeals Tribunal (AAT) has reduced the length of the banning order made against Mr Troy Williams of Hobart, Tasmania, that prohibited him from providing financial services.

ASIC had imposed a permanent ban on Mr Williams in September 2016 after he had held himself out as having formal academic qualifications in financial planning that he did not have. He lied about his qualifications from 2003 until it was discovered in 2015. He also forged certificates of educational achievement to back up his story.

On 13 July 2018, the AAT reduced Mr Williams' ban from providing financial services to six years, commencing 30 September 2016, the date of ASIC’s original decision.

In making the decision, Deputy President McCabe stated:

'I am not persuaded that evidence amounts (either on its own, or in the larger context of the applicant’s behaviour) to a reason to believe [Mr Williams] has enduring defects in his character.

In all the circumstances, I am satisfied there is no longer reason to believe the applicant is not of good character.

...I stress that in doing so I am not disagreeing with the decision ASIC made at the time. At that point, the statements before the delegate in conjunction with the evidence of the dishonesty were more than enough to justify the decision. But the case has evolved as the applicant’s insight into his own behaviour has changed.'

Background　

On 30 September 2016, ASIC permanently banned Mr Williams after finding that he engaged in dishonest conduct and was not of good fame and character (refer: 16-342MR).　

This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project 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).