ASIC banned two advisers, formerly authorised to operate by Macquarie, from providing financial services for 10 years earlier this week.
The corporate regulator found NSW-based Mark Alexander Landau and South Australia-based Marcus Roderick Campbell engaged in conduct that was “deliberate and dishonest and involved continued, knowing and wilful contraventions of the law.”
ASIC also permanently banned Queensland-based Benjamin Fletcher from providing financial and credit services, after having been convicted twice in 2014 for a number of fraud-related offences under the Queensland Criminal Code.
The banning of Mr Fletcher came about after ASIC and the Queensland Police Service conducted a joint agency surveillance campaign to identify criminal syndicates and outlaw motorcycle gang members with dishonesty convictions from managing corporations or operating a business under a business name.
The corporate regulator has been under pressure to capture poor financial advice, particularly from bank-authorised advisers, in the wake of the royal commission.
ASIC recently came under fire for its handling of a penalty to CBA. The royal commission heard last week that CBA got a 96 per cent penalty discount despite misleading consumers in its advertising.
ASIC also allowed CBA to draft the media release regarding the penalty.