ASIC bans former Westpac financial adviserStaff Writer | | 18 minutes ago
Down Under Mahoney was employed by the BT Financial Group
ASIC of Australia has banned Adelaide financial adviser Michael Mahoney from providing financial services for a period of four years.
ASIC's investigation found that during the period Mr Mahoney was employed at BTFG, he engaged in conduct that was misleading and deceptive.
Specifically, he entered false information regarding various clients' health or health-risk factors in telephone applications for insurance policies issued by Westpac Life Insurance Services Ltd (WLIS).
This resulted in WLIS issuing policies to clients based on false information and assuming greater risks without having an opportunity to undertake an assessment of those risks. WLIS has agreed to honour the affected client policies.
ASIC Deputy Chairman Peter Kell said, 'This outcome shows that ASIC expects employees who are providing financial services to maintain high standards and not engage in conduct that is misleading and deceptive.'
Mahoney has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. ■
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