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16-398MR ASIC bans former AMP Financial Planning representative from providing financial services for eight years
ASIC has banned Mr James Edward McCarthy, a financial adviser from South Australia, from providing financial services until 14 November 2024.
Mr McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and was an authorised representative of AMP Financial Planning Pty Ltd from 16 December 2011 to 2 April 2015.
ASIC found that Mr McCarthy created and backdated Statements of Advice and Authority to Proceed documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.
Mr McCarthy did not provide any of the false documents to clients.
ASIC Deputy Chair Peter Kell said, 'ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct.'
Mr McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC's investigation into Mr McCarthy's conduct followed notification by AMP Financial Planning.
Editor's note 1:
On 22 November 2016, this media release was updated to note that the banning of Mr McCarthy 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).
ASIC's work in the Wealth Management Project covers a number of areas including:
- working with the largest financial advice firms to address the identification and remediation of non-compliant advice;
- seeking regulatory outcomes, where appropriate, against licensees and advisers.
As part of its Wealth Management Project, ASIC has banned the following advisers from the financial services industry, in addition to Mr McCarthy:
- Troy Andrew Rodney Williams (16-342MR)
- Michael Mahoney (16-323MR)
- Damian O'Rourke (16-318MR)
- Rommel Panganiban (16-309MR)
- Anthony Jason Sourris (16-270MR)
- Sarah Kate Gardiner (refer: 16-269MR)
- Nicholas Kerr (refer: 16-260MR)
- Craig Scott Miller (refer: 16-239MR)
- Wayne Meadth (refer: 16-188MR)
- Hardik Bhimani (refer: 16-124MR)
- Gerard McCormack (overturned on appeal: 16-448MR)
- Shane Thompson (refer:16-022MR)
- Ben Rickman (refer:16-006MR)
- Ben Cheung (refer: 16-004MR)
- Mark Tidbury (refer: 15-383MR)
- Amanda Ritchie (refer: 15-294MR)
- Stuart Murray Jamieson (refer:15-288MR)
- Sharnie Kent (refer: 15-286MR)
- Alfie Chong (refer: 15-259MR)
- Martin Hodgetts (refer: 15-218MR)
- Shawn Hickman (refer: 15-213MR)
- Brett O'Malley (refer: 15-121MR)
- Brian Farber (refer: 15-178MR), and
- Rebecca Locksley (refer: 15-070MR).