Former adviser hit with 8-year ban for falsifying BDBNs
ASIC has banned a former financial adviser of a major bank from financial services for eight years, after an investigation found she falsified a number of binding nomination documents.
ASIC has banned Sydney-based former financial adviser Lisa Lee from providing financial services for eight years.
Ms Lee was a representative of Australia and New Zealand Banking Group (ANZ) between 5 June 2010 and 15 June 2017 and Infocus Securities Australia between 19 September 2017 and 19 November 2018. She is no longer providing financial advice.
ASIC found that while a representative of ANZ, Ms Lee falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client’s signature on documents.
“Financial advisers must act with honesty and integrity in their dealings with clients,” ASIC said.
“ASIC may ban a financial adviser if it has reason to believe that they are not of good fame or character or likely to fail to comply with the financial services law.”
Ms Lee has appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Ms Lee’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
This comes as ASIC had also recently banned an adviser for five years after being found of providing misleading communications to clients around the transition of their super.
Tony Zhang
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.
