The Australian Securities and Investments Commission (ASIC) has permanently banned Mr Phillip Ian Bates, of Toowoomba in Queensland, from providing financial services.

Mr Bates was formerly employed as an authorised representative of the National Australia Bank (NAB) at its Financial Services Centre in Toowoomba. On 21 April 2005, NAB terminated his employment for failing to comply with the Corporations Act and the NAB’s compliance requirements. NAB referred the matter to ASIC and the Queensland Police.

ASIC found that Mr Bates:

• has a propensity to engage in dishonest conduct in connection with other people’s money and hence will, if given opportunities, engage in dishonest conduct in connection with providing advice regarding financial products
• has a propensity to engage in deceptive conduct regarding the use of other people’s money and hence will, if given opportunities, engage in deceptive conduct in connection with financial products.

‘ASIC will act quickly to remove participants from the financial services industry who cannot act honestly and with integrity when dealing with client funds’, ASIC’s Deputy Executive Director of Enforcement, Mr Allen Turton said.

Mr Bates has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.