Retirement
Dumped: Adviser banned after leaving client in ‘perilous’ position
The investments watchdog has permanently banned an adviser after he was found to have abused his position, leaving an elderly client in a “perilous” position.
Dumped: Adviser banned after leaving client in ‘perilous’ position
The investments watchdog has permanently banned an adviser after he was found to have abused his position, leaving an elderly client in a “perilous” position.
The Australian Securities and Investments Commission (ASIC) announced on Friday that it has permanently banned a former senior financial planner, Muneer Mahmood Khan.
Mr Khan, also known as Ivan Khan, was banned from providing financial services after ASIC determined that he was “not of good fame or character, and that he had acted unethically”.
ASIC explained that between April and December 2012, the financial planner obtained $185,800 from an elderly client. The client had been a client of Mr Khan’s when he was employed at Westpac, and as such held him in a position of trust.
However, Mr Khan did not disclose to the client that he was no longer a Westpac employee.
“Mr Khan maintained that $125,000 was loaned to him to fund his development of a financial planning business and that the balance had been a gift from the client,” ASIC related.
However, ASIC said, “Mr Khan failed to ensure that his client obtained independent advice in relation to advancing funds to him, the funds were largely spent on personal expenses, and none of the funds were used to establish a business.”
Further, Mr Khan repaid only $10,270 to the client, despite the client’s repeated requests, and the adviser’s ability to return a portion of the funds.
ASIC concluded that Mr Khan’s request for his client to advance him money was unethical and determined that, as a result of Mr Khan’s “opportunistic and egregious” actions, the client was left in a “financially perilous position”.
Westpac has contacted the client about remediation and Mr Khan’s banning will be recorded on ASIC’s Financial Advisers Register.
Mr Khan worked at Westpac from May 2006 to March 2012, after which he was a financial planner at Yellow Brick Road Wealth Management from July 2013 to November 2014.
From March 2015 to January 2017 he was a financial planner at NAB.
RELATED ARTICLES
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Simplified retirement advice: Key to overcoming behavioural biases, experts say
In a bid to enhance retirement outcomes for Australians, a recent whitepaper by Industry Fund Services, in collaboration with Challenger, has highlighted the importance of simplifying retirement ...Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
