In an effort to lift standards by major financial advice providers in the country, the Australian Securities and Investments Commission has continued its crackdown, banning two Macquarie advisers.
Australian Securities and Investments Commission (ASIC) has banned Anthony Jason Sourris, of Kenmore, Queensland, from providing financial services for two and a half years.
Sourris was employed as a private client adviser in the Brisbane office of Macquarie Equities (Macquarie) between 2008 and 2013.
An ASIC investigation found that Sourris was involved in February 2013 in the creation of a falsely signed and backdated client authority form, and lied to Macquarie about the validity of this document.
He Advised eight clients between September 2011 and November 2012 to open options accounts to allow them to trade in exchange traded options, while failing to properly determine that this advice was appropriate for these clients or providing a Statement of Advice to clients prior to advising them to apply to open the options accounts.
Colleague Also Reprimanded
Furthermore, while employed by Macquarie, Sourris had a business relationship with his Macquarie colleague, Sarah Gardner, in which Sourris provided investment advice to clients and Gardner provided strategic and financial planning advice.
ASIC has also banned Gardner from providing financial services, for a period of one year.
«Financial planners are required to meet stringent compliance standards to protect the interests of their clients and instill confidence in the broader financial advice industry. ASIC will ensure advisers who fail to meet these standards are removed from the financial services industry,» said Peter Kell ASIC Deputy Chairman.
