Dennis, ex-Tandem Financial, in 12 month ASIC suspension

The Australian Securities and Investments Commission has banned Ian McKenzie Dennis, of Butler, from providing financial services for 12 months after it found he had not complied with financial services laws, and was not likely to do so.

Mr Dennis was an authorised representative of Tandem Financial Advice Ltd, Mount Lawley, between May 2004 and November 2005.

Following a report made by the company, ASIC undertook an investigation which found he had:

• Failed to give a statement of advice, or failed to give one within the required time frame, in relation to four clients;
• Failed to quote, within a statement of advice relating to income protecting insurance for one client, the amount of commission that was to be received in dollar terms, notwithstanding the commission was quoted as a percentage;
• Given a statement of advice to one client that was deficient, in that it did not properly set out the basis for superannuation rollover advice provided to the client;
• In the course of advising two clients in relation to superannuation rollover, failed to give information in relation to termination charges or exit fees;
• Failed to keep sufficient records to enable Tandem to establish whether he had complied with his duties and obligations as an authorised representative; and
• Prepared documents for clients relating to their investments that contained inconsistencies and inaccuracies.

Mr Dennis has the right to lodge an application with the Administrative Appeals Tribunal.