The Australian Securities and Investments Commission (ASIC) has banned an experienced adviser from providing financial services for a period of five years.
The regulator found Janeece Norma Giraldo of Raby Bay in Queensland had failed to comply with numerous Australian financial services laws.
Giraldo has been a director of WIN Financial Network Pty Ltd since August 23 1993.
She was employed as an authorised representative of Wealthsure Pty Ltd in October 2008.
From December 2003 to October 2008 Giraldo was an authorised representative of Securitor Financial Group.
ASIC’s investigation found that, between 1 January 2006 and 31 March 2011, Giraldo:
- engaged in misleading and deceptive conduct
- failed to determine the personal circumstances of her clients when giving advice
- failed to provide Statements of Advice on providing recommendations concerning financial products, and
- failed to disclose relevant benefits, including fees and commissions, to her clients.
“If financial advisers fail to meet their obligations we will make sure they are removed from the industry,” said ASIC Commissioner, Peter Kell.
Giraldo has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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