ASIC has permanently banned former Australia and New Zealand Banking Group Limited (ANZ Bank) representative, Ms Lynn Therese Isaacs, from providing financial services.

Ms Isaacs, of Sydney, New South Wales, was banned after an inquiry into the alleged misappropriation of client money totalling $41,159 between 30 May 2003 and

12 September 2005.

ASIC found that Ms Isaacs had, on 37 occasions, transferred money from customer accounts to her own account and represented that these transfers of moneys were variously for fees, charges, payments, disbursements or transfer requests by the customer.

ANZ Bank notified ASIC of the issue and co-operated fully during its inquiries.

‘Members of the public have a right to expect that those who provide financial services act honestly at all times,’ ASIC’s Executive Director, Compliance, Ms Jennifer O’Donnell, said.

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

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

Background

Ms Isaacs ceased employment with ANZ Bank on 27 October 2005.