ASIC hands former adviser five year ban

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ASIC has banned a former financial adviser for five years.

The regulator announced it had banned Alfie Chong, a financial adviser and former authorised representative of Meritum Financial Group following a review. The ASIC review found Chong had provided inappropriate advice; failed to determine clients' relevant personal circumstances or failed to conduct reasonable investigations into the subject matter of his advice; engaged in misleading or deceptive conduct in relation to a client signature that was copied and pasted on to an authority to proceed form;
provided personal advice without giving clients a statement of advice (SOA);
failed to provide sufficient detail about the basis on which the advice was given and arranged for clients to implement advice and transactions before providing clients with an SOA.

Chong has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

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