Former Westpac Banking Corporation (Westpac) representative, Mr David Andrew Jarrett, has been permanently banned from providing financial services following an investigation by ASIC.

Mr Jarrett, of Bingara, New South Wales, was banned after an investigation into his alleged misappropriation of client’s money between February and December 2003. At the time, Mr Jarrett was employed by Westpac as an employee representative.

During the course of its investigation, ASIC alleged that Mr Jarrett:

• twice withdrew funds from a client’s savings account without permission;
• (the total amount which Mr Jarrett withdrew was $417,300); and
• terminated a client’s investment worth $167,654.21 without permission.

As required by law, Westpac promptly informed ASIC about Mr Jarrett’s conduct and co-operated fully with its investigation.

‘ASIC will continue to exclude representatives who engage in misconduct to protect consumers and maintain confidence in the financial services industry,’ ASIC’s Deputy Director of Enforcement, Mr Allen Turton said.

‘Early reporting to ASIC by financial services licensees of misconduct by their representatives assists ASIC to take action of this kind.’

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

Background

Financial service licensees, such as Westpac, are required by law to notify ASIC of significant breaches or likely breaches within five days of becoming aware of a breach.