ASIC bans bankrupted financial adviser

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ASIC has banned a Queensland-based financial adviser from providing financial services.

Alistair Frank McCreath, of the Sunshine Coast, has been banned for nine months after becoming an undischarged bankrupt.

The ban is lifted when McCreath’s bankruptcy ends.

McCreath was an authorised representative of Australian Life Insurance Distribution and provided statements of advice.

He has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC’s decision.

Under section 920(A) of the Corporations Act 2001, ASIC can ban bankrupt individuals from providing financial services.