The name of the adviser known only as “Mr S” has been the first to have a reprimand published on the ASIC Financial Services and Credit Panel outcomes register for impersonating a client.
The register will usually not disclose the name of the financial adviser involved in a matter unless the outcome is required to be displayed on the Financial Adviser Register.
The one-page redacted report posted on the ASIC website, published on 29 May, referred to a finding from 28 February 2023, which related to “Mr S” impersonating a client during two telephone conversations with a bank.
The attempt saw the adviser try to facilitate a transaction for the client’s benefit, and the adviser did not obtain any benefit from the telephone conversations.
ASIC said the panel determined the relevant provider contravened the Corporations Act and issued direction for the adviser to provide a copy of three successive compliance audits undertaken by their licensee with a minimum of 12 months between each audit.
What’s in a name?
The ASIC website states that when the FSCP makes no adverse findings, the register will include a summary of the finding which will usually not disclose the name of the adviser.
Last month at the Financial Advice Association roadshow, ASIC senior leader for financial advisers Leah Sciacca reminded the profession the panel was running and would see “less serious” misconduct but that advisers wouldn’t necessarily be named.
“From time to time, we may also issue a media release where appropriate,” Sciacca said.
“Financial advisers will not be named in the media release or on the outcomes register, unless the decision made by the panel is required to be recorded on the Financial Adviser Register.”
The panel was part of the Better Advice Act passed in late 2021, which included a suite of reforms streamline some regulatory aspects in the industry including the winding up of FASEA as well as the recently delayed adviser registration requirements.