ASIC permanently bans WA financial adviser
A financial adviser in Western Australia has been permanently banned from the industry after an investigation revealed he was banking cheques from clients into his personal account.
Robert Hutchison is a director of WAWM Investment Holdings and was an authorised representative of RI Advice Group, owned by OnePath, an ANZ subsidiary, between May 2007 and November 2012.
An Australian Securities and Investments Commission investigation found that between January 2011 and November 2012, Mr Hutchison misled or deceived clients by failing to disclose they had been double charged advice fees and failed to comply with processes for remitting and reporting fees.
He also did not comply with RI Advice's policies and procedures and misled or deceived the company by failing to disclose that he had deposited the fees into his own account.
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