ASIC has permanently banned Mr Grant Patrick Thompson, a Southport-based former financial adviser, from providing financial services.

Mr Thompson was banned after ASIC determined it had reason to believe that he is not of good fame and not of good character.

Mr Thompson was a financial adviser and authorised representative of Australian financial services licensee, Professional Investment Services Pty Ltd, between December 2003 and December 2013.

ASIC's investigation found that between at least 9 November 2012 and 16 July 2013, Mr Thompson engaged in conduct that was counter to financial services laws. Specifically, Mr Thompson devised a series of strategies to assist a client of his to deceive her creditors regarding the fate of her assets, with the intention of avoiding debts owed to the creditors.

The strategies involved the purported loss of funds in an overseas investment.

Mr Thompson's conduct involved the preparation of documents, the opening of accounts, establishment of an overseas company and the arrangement of creditors for the purpose of frustrating any appointed liquidator. A letter to his client in July 2013 also contained materially false representations about the purported investment.

ASIC further found that Mr Thompson sought a fee of $70,000 for his services and an indemnity for costs, indicating the conduct was not gratuitous and was done so for reward.

ASIC Commissioner, Mr Greg Tanzer said, 'Mr Thompson's conduct demonstrated a blatant disregard for the law and failed to meet the standards expected of those entrusted to provide financial advice. As a result, ASIC believes it is appropriate that Mr Thompson be permanently removed from the financial services industry'.

Mr Thompson has the right to appeal to the Administrative Appeals Tribunal to seek a review of ASIC’s decision.

Editor's note 1:

On 17 June 2014, Mr Thompson filed applications in the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision and a suppression order in respect of ASIC's decision. The AAT has not yet set a date for a review of ASIC's decision but a hearing for the suppression order is scheduled for 1 July 2014.

Editor's note 2:

The AAT dismissed Mr Thompson's application for a suppression order on 1 July 2014. The matter will now proceed to a review of ASIC's decision on a date yet to be fixed.

Editor's note 3:

The AAT has set 25 September 2014 as the date for a one day hearing of Mr Thompson's application for a review of ASIC's decision to ban him permanently from providing financial services.

Editor's note 4:

On 18 September 2014 Mr Thompson lodged a notice of withdrawal of his appeal with the AAT.