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18-276MR ASIC banning of Perth financial adviser Robert Hutchison
The Administrative Appeals Tribunal (AAT) has set aside a decision by ASIC to ban financial advisor Mr Robert Hutchison from providing any financial services.
Mr Hutchison, of Lower Chittering, Western Australia, a former financial adviser and authorised representative of RI Advice Group Pty Ltd (RI Advice) was permanently banned from providing financial services on 11 June 2017 (refer: 17-188MR).
On 7 September 2017, the AAT granted a stay of ASIC’s decision until the Tribunal made its final decision.
The AAT delivered its final decision on 18 September 2018 following Mr Hutchison’s application for review. The AAT found that Mr Hutchison did not engage in dishonest conduct or misleading or deceptive conduct for the purposes of sections 1041G and 1041H of the Corporations Act (the Act).
While finding that Mr Hutchison’s conduct breached his contractual obligations with RI Advice to pass on to them the money he received directly from his clients, the AAT held that the dishonesty was related to the agreement between Mr Hutchison and RI Advice, not the financial service provided to the clients by Mr Hutchison for the purposes of section 1041G of the Act.
ASIC is considering the AAT decision.
A copy of the AAT's decision and reasons for decision can be found here.
Editor's note 1:
On 15 October 2018, ASIC filed a Notice of Appeal in the Perth Registry of the Federal Court. Following a case management hearing on 30 January 2019, the Court listed the appeal hearing on 11 June 2019.
Editor's note 2:
The appeal hearing was held on 11 June 2019 in Perth. The Court has reserved its decision.