ASIC announced that following an investigation and hearing, it has banned Gerard McCormack of South Melbourne from providing financial services. The ban comes after ASIC found McCormack contravened financial services laws while employed by NAB.
ASIC alleges McCormack engaged in misleading and deceptive conduct by:
- phoning an industry superannuation fund falsely representing that he was a member of the superannuation fund in order to obtain information on that fund member's superannuation account when not authorised to do so;
- witnessing his client phone and falsely represent he was the same member of the superannuation fund to gain further personal superannuation account information about, as it transpired, a third party; and
- assisting his client to complete and lodge false withdrawal forms, using the information previously obtained relating to that member's superannuation account, so that all funds were improperly transferred to his client;
"When acting on behalf of their clients, financial advisers must not engage in behaviour that is misleading or deceptive. As this case shows, conduct that breaches financial services laws will result in action by ASIC to remove them from the financial services industry," ASIC deputy chair Peter Kell said.
McCormack has applied to the Administrative Appeals Tribunal for a review of ASIC's decision.
ASIC has banned a former bank adviser for five years.