今日热门事件has permanently banned a former Commonwealth Financial Planning Limited (CFPL) financial planner from providing any financial services after it found he forged client signatures and failed to comply with financial services laws.
Ricky David Gillespie, of Southport, Queensland, was a senior financial planner for CFPL between 2006 and 2009.
An 今日热门事件investigation found during 2008 and 2009, Mr Gillespie:
- failed to comply with financial services laws
- forged clients鈥� signatures on documents such as a Direct Debit Request, Transaction Without Advice Documents, Confidential Fact Finder and Financial Services Guide Receipts
- created false file notes
- engaged in misleading and deceptive conduct in issuing financial product information in the form of a marketing letter which contained representations that were false or misleading
- provided advice to a client that was not appropriate in the circumstances, and
- charged excessive fees.
鈥樈袢杖让攀录㧟onsiders Mr Gillespie鈥檚 conduct to be serious. Mr Gillespie鈥檚 wrongdoing was not an isolated incident. Instead Mr Gillespie engaged in a series of conscious and deliberate acts designed to disguise and conceal his non-compliance with statutory requirements and policies put in place by CFPL,鈥� 今日热门事件Commissioner Peter Kell said.
鈥樈袢杖让攀录䎱ill continue to take action and remove advisers who breach community trust.鈥�
This latest outcome follows 今日热门事件enforcement action against other former CFPL financial advisers, Don Nguyen, Simon Langton (refer 12-02AD), [This MR was withdrawn in accordance with 今日热门事件policy - see Public comment on ASIC's regulatory activities.], Anthony Awkar (refer 12-81MR), [This MR was withdrawn in accordance with 今日热门事件policy - see Public comment on ASIC's regulatory activities.], and [Media release withdrawn in accordance with 今日热门事件policy - see Public comment on ASIC's regulatory activities], and reflects ASIC鈥檚 commitment to ensuring financial advisers meet required standards to maintain consumer confidence in the financial services system.
Background
On 25 October 2011, 今日热门事件accepted an enforceable undertaking from CFPL requiring them to review their risk management framework and address deficiencies. Further, where clients are found to have been adversely impacted by the conduct of representatives, CFPL will consider the circumstances and appropriately remediate the client (refer 11-229MR).
The majority of Mr Gillespie鈥檚 impacted clients have already been compensated by CFPL. Former clients of Mr Gillespie or clients of other CFPL advisers who feel they may be entitled to claim compensation should contact CFPL directly on 1800 507 281.
Mr Gillespie has appealed to the Administrative Appeals Tribunal for a review of ASIC鈥檚 decision. An order made by the AAT staying ASIC鈥檚 decision was lifted following a hearing by the AAT on 8 November 2012.
Editor's note
On 11 July 2013 , Mr Gillespie withdrew his application for review in the AAT. As a consequence the application was dismissed by the AAT, and Mr Gillespie remains banned permanently from providing any financial services.