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ASIC issues spate of bans as dodgy advisers lurk

Ban, ASIC, dodgy advisers

The corporate regulator has issued a range of disciplinary actions this week, after concerns consumer protections were being compromised by suspect advice services.

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.

ASIC issues spate of bans as dodgy advisers lurk
Ban, ASIC, dodgy advisers
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Anonymous - Why does this get all the media attention when in reality it affects very few and the charges are minimal? How about reporting on all the ISA TPD.......
Anonymous - This got to be the smartest comment this century ?!....
nan - So what do you do if you are being ripped of and then can't afford the body corporate fees....
MarkL - The banks may not charge dead people any more ........... but they won't charge them any less either!....