ASIC has banned Sydney-based former financial adviser, Lisa Lee, from providing financial services for eight years.
Ms Lee was a representative of Australia and New Zealand Banking Group Limited (ANZ) between 5 June 2010 and 15 June 2017 and Infocus Securities Australia Pty Ltd between 19 September 2017 and 19 November 2018. She is no longer providing financial advice.
ASIC found that while a representative of ANZ, Ms Lee falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.
Financial advisers must act with honesty and integrity in their dealings with clients. ASIC may ban a financial adviser if it has reason to believe that they are not a fit and proper person to provide financial services or that they are likely to contravene a financial services law.
Ms Lee’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
Ms Lee has appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC’s Moneysmart website has useful information for consumers about how to choose a financial adviser, how to complain about a financial adviser, and what to do if their adviser is banned.
Editor’s note 1:
Paragraph 4 of this media release was amended on 12 May 2021 to reflect the current wording of sections 920A and 920B in the Corporations Act 2001.