Connect with us

Hi, what are you looking for?

Loan And Finance

ASIC bans insurance adviser for six years – Life Insurance – Insurance News

inca social logo


ASIC bans insurance adviser for six years

25 October 2021

Melbourne-based adviser Ashok Sherwal has been given a six-year ban for financial misconduct, the Australian Securities and Investments Commission (ASIC) said.

He advised clients in need of cash to replace their existing insurance and superannuation products, as well as to take out new insurance products, so that he could generate advice fees and insurance commissions.

ASIC says he used some of the fees and commissions he received to make cash payments to these clients.

“[He] failed to identify the scope of the advice being sought by his clients, did not obtain complete and accurate client information, or base his judgment on his clients’ relevant circumstances,” the regulator said.

“These failures led to his clients receiving inappropriate advice that resulted in their superannuation balances being significantly eroded.”

Advertisement. Scroll to continue reading.

ASIC says he also failed to comply with the additional disclosure requirements when providing product switching advice.

“[He] prioritised his own interests above those of his clients, and he did not exercise the degree of professionalism and judgment demanded of financial advisers,” ASIC said.

“ASIC also found that [he] is not a fit and proper person due to his serious lack of professionalism and judgment.”

The regulator says the conduct that resulted in the ban relates to when Mr Sherwal was an authorised representative of Wealth & Risk Management from July 22 2015 to May 4 2016 and Dover Financial Advisers from March-October 2017.

He has appealed to the Administrative Appeals Tribunal for a review of the ban.

.



Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Latest

Top Stories

Crypto exchange Binance has signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia (SERC), according to a June 30 announcement. Binance...

Top Stories

When cryptocurrencies like Bitcoin (BTC) go through bear phases like the one we currently find ourselves in, the idea of earning passive income from...

Online Business Success

A representational image of the Federal Board of Revenue building. — APP/File The Federal Board of Revenue (FBR) announced that the last date for...

Top Stories

Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows. Data from sources including...

Technology

In a nutshell: Intel’s accelerated computing group has started shipping its second-gen Blockscale ASIC for SHA-256 cryptocurrencies like Bitcoin. The launch is months ahead...

Top Stories

Expected to reach a market size of $128 billion by 2028, the longevity sector is no longer something that those outside the medical world...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement