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17-026MR ASIC bans financial adviser for five years
ASIC has banned financial adviser, Mr Darren Tindall, of Orange, NSW, from providing financial services for five years after an investigation found he failed to comply with financial services laws.
Mr Tindall was an authorised representative of Roan Financial Group Pty Ltd between 9 May 2013 and 19 May 2014, and was based in Orange, NSW.
Mr Tindall was banned from providing financial services after ASIC found that he had:
- engaged in misleading and deceptive conduct on a client's behalf by failing to disclose their pre-existing medical conditions on an insurance application submitted to an insurer;
- engaged in dishonest conduct by not disclosing the medical conditions in transferring that insurance obtained to a new insurer; and
- recklessly made misleading comparisons about superannuation products to four clients, which induced those clients to switch their superannuation.
ASIC Deputy Chair Peter Kell said, 'ASIC will take action against financial advisers who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry.'
On 17 January 2017, Mr Tindall applied to the Administrative Appeals Tribunal (AAT) for a stay of the banning and review of ASIC's decision. The stay application was heard on 27 January 2017. On 9 February 2017, the AAT refused the stay. The date for the hearing of review of ASIC's decision is yet to be set.
The matter was heard on 11 September 2017. The AAT reserved its decision.
Editor's note 2:
On 29 August 2018 the AAT affirmed ASIC’s decision.