ASIC bans former ANZ advisers

07-Dec-2017

By Sarah Kendell

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The corporate regulator has permanently banned two directors of an ANZ-aligned advice firm from the financial services industry after they submitted fraudulent insurance applications on behalf of clients.

Matthew Wallis and Rochelle Roanna, directors of former RI Advice authorised representative firm Found Financial Services, were discovered to have falsified insurance applications to maximise the amount of upfront commission received by their firm.

Between June and December 2015, an ASIC investigation found the two had submitted applications to life insurer Zurich that were not requested by the clients, were made without their knowledge and contained falsified information.

Found Financial Services had paid premiums on the policies, which included life, total permanent disability, trauma and income protection coverage, for a number of months to give the appearance that they were genuine, before the policies lapsed due to non-payment.

The regulator said it had decided to issue a permanent ban to the two individuals because they had engaged in dishonest, misleading and deceptive conduct, and it had reason to believe they were not of good fame or character.

Wallis and Roanna were banned as a result of ASIC’s Wealth Management Project, which focuses on adviser misconduct inside the big four banks, Macquarie and AMP.

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