08/06/2017 - 11:34

Perth financial planner banned

08/06/2017 - 11:34

Bookmark

Save articles for future reference.

The corporate watchdog has banned a former Westpac employee from providing financial services after finding he mishandled more than $1 million worth of advice service obligations.

Sudhir Sinha was employed by Westpac between 2001 and 2014.

The corporate watchdog has banned a former Westpac employee from providing financial services after finding he mishandled more than $1 million worth of advice service obligations.

The Australian Securities and Investments Commission said it had banned Perth-based Sudhir Sinha from providing financial services for five years after finding he had failed to meet his ongoing advice service obligations over a period of six years while employed by Westpac.

Mr Sinha was employed by Westpac between 2001 and 2014.

“This included a failure to conduct ongoing reviews for at least nine clients,” Asic said.

“The clients had paid for ongoing advice services and were entitled to receive these reviews.

“Asic found that Mr Sinha's conduct demonstrated that he was not adequately trained, or was not competent to provide financial services during his employment with Westpac.

“Further, Asic found that Mr Sinha was likely to breach a financial services law in the future.”

Asic said Westpac was remediating the clients impacted by Mr Sinha’s conduct, and as of February the bank had remediated just under $1.5 million.

“Asic’s investigation into Mr Sinha's conduct followed a breach notification by Westpac,” Asic said.

“Westpac later identified to Asic that 177 clients were charged fees who did not receive service by Sinha.”

Mr Sinha has the right to appeal to the Administrative Appeals Tribunal for a review of Asic’s decision.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options