Powered by MOMENTUM MEDIA
subscribe to our newsletter

Former ANZ adviser cops 10-year ban

Following an investigation, ASIC has banned a former ANZ bank adviser from providing financial services for 10 years.

Mr Ben Cheung of Epping, NSW was an authorised ANZ representative during the time the misconduct, for which he was banned, took place.

ASIC banned Mr Cheung after finding he contravened financial services laws, and was not adequately trained or competent to provide financial services.

ASIC's investigation found that between April 2013 and March 2014, Mr Cheung engaged in misleading and deceptive conduct by forging signatures of clients on statements of advice, investment instruction forms and an investment withdrawal form, creating false bank documents, namely ANZ Adviser Diary Notes and creating false documents, namely Nil Advisory Service forms.

“Cracking down on behaviour like this goes to the heart of maintaining consumer trust and confidence,” ASIC deputy chair Peter Kell said.

Advertisement
Advertisement

“The banning of Mr Cheung demonstrates ASIC's Wealth Management Project is identifying and tackling this kind of fraudulent behaviour.”

Mr Cheung has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.

This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).

[Related: Former Westpac manager cops permanent ban]

Former ANZ adviser cops 10-year ban

PROMOTED CONTENT


>Mr Ben Cheung of Epping, NSW was an authorised ANZ representative during the time the misconduct, for which he was banned, took place.

ASIC banned Mr Cheung after finding he contravened financial services laws, and was not adequately trained or competent to provide financial services.

ASIC's investigation found that between April 2013 and March 2014, Mr Cheung engaged in misleading and deceptive conduct by forging signatures of clients on statements of advice, investment instruction forms and an investment withdrawal form, creating false bank documents, namely ANZ Adviser Diary Notes and creating false documents, namely Nil Advisory Service forms.

“Cracking down on behaviour like this goes to the heart of maintaining consumer trust and confidence,” ASIC deputy chair Peter Kell said.

“The banning of Mr Cheung demonstrates ASIC's Wealth Management Project is identifying and tackling this kind of fraudulent behaviour.”

Mr Cheung has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.

This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).

[Related: Former Westpac manager cops permanent ban]

Former ANZ adviser cops 10-year ban
mortgagebusiness

Latest News

The IMF has urged Australia to consider reforms around housing supply and lending standards, citing apprehension around the upsurge in prope...

Treasurer Josh Frydenberg has backed the net-zero emissions by 2050 target, warning failure to comply will hurt banks’ access to capital a...

The regulator is set to release information setting out how it would use macroprudential policy tools, after expressing concerns around the ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.