ASIC bans former AMP Financial Planning representative from providing financial services for eight years
ASIC has banned Mr James Edward McCarthy, a financial adviser from South Australia, from providing financial services until 14 November 2024.
Mr McCarthy is the sole director of McCarthy Financial Solutions Pty Ltd and was an authorised representative of AMP Financial Planning Pty Ltd from 16 December 2011 to 2 April 2015.
ASIC found that Mr McCarthy created and backdated Statements of Advice and Authority to Proceed documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.
Mr McCarthy did not provide any of the false documents to clients.
ASIC Deputy Chair Peter Kell said, ‘ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers who engage in misleading conduct.’
Mr McCarthy has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Source: ASIC
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