The Australian financial regulator banned a financial planner from Western Australia, from providing financial services until 2022.
Sudhir Kumar Sinha was an employed representative of Westpac Banking Corporation from 2001 to 10 November 2014.
The Australian Securities and Investments Commission (ASIC) found that Sinha systematically failed to meet his ongoing advice service obligations over a period of six years while he was employed by Westpac.
Fees But No Service
This included a failure to conduct ongoing reviews for at least nine clients. The clients had paid for ongoing advice services and were entitled to receive these reviews.
In all 177 clients were charged fees but did not receive service by the former Westpac adviser.
ASIC found that Sinha's conduct demonstrated that he was not adequately trained, or was not competent to provide financial services during his employment with Westpac. ASIC also found that Sinha was likely to breach a financial services law in the future.
High Standards Not Met
«ASIC is committed to improving conduct in the wealth management industry and we will act to remove advisers who do not live up to the high standards expected of financial advisers,» said Peter Kell ASIC Deputy Chair.
Westpac is remediating the clients impacted by Mr Sinha's conduct. As of 28 February 2017, Westpac has returned $1,473,914 in respect of Sinha's ongoing advice failings.
Sinha has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
