ASIC bans financial planner

A BRISBANE financial planner has been banned from providing financial services for one year after she failed to disclose previous criminal charges.

The Australian Securities and Investment Commission has barred Nina Katherina Williams from working in the industry after discovering she had been charged with fraud and stealing offences under the Queensland Criminal Code.

ASIC found Ms Williams did not disclose the charges when she applied to be an authorised representative of Infocus Securities Australia.

“Ms Williams was required to disclose whether she was aware of any current court action against her or had ever been the subject of any inquiry in relation to her professional conduct or character,” an ASIC statement noted.

“Ms Williams answered ‘no’ to questions in both licensee and professional indemnity insurance application forms.

“ASIC found that Ms Williams acted with a lack of care and professionalism in relation to these disclosures.”

By failing to disclose the information to Infocus and the professional indemnity insurer, Ms Williams prevented her licensee from making an informed decision about her suitability as an authorised representative, ASIC said.

It found her failure to disclose the information “could have resulted in the avoidance of the insurance contract by the insurer, which means her clients may not have received compensation in the event of a claim or a dispute”.

The banning of Ms Williams is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Ms Williams has the right to appeal to the Administrative Appeals Tribunal for a review.