BREAKING: ASIC permanently bans former Perth adviser

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ASIC has dealt a permanent ban to a former Perth financial adviser.

ASIC announced it has permanently banned Marion Joan Pearson from the financial services industry following an investigation into her conduct in advising SMSF clients. The investigation found Pearson engaged in dishonest conduct, including creating documents to disguise the fact that client money was paid into her company's bank account without the relevant client's knowledge or authority. The investigation also found she misled Ballast Financial Management - for whom she was an authorised representative - and specified clients into believing the clients' funds were placed into particular investments when they had not been.

"If a financial adviser engages in dishonest conduct, ASIC will remove them from the industry," ASIC commissioner John Price said.

ASIC said it was continuing an investigation into Pearson's conduct, but specified that it was not investigating the conduct of Ballast.