Compliance

Ex-National Australia Bank Advisor Banned For Seven Years

Amisha Mehta Assistant Editor 5 February 2016

Ex-National Australia Bank Advisor Banned For Seven Years

Australia's financial watchdog said the former advisor engaged in “misleading and deceptive conduct” while working at NAB.

Shane Thompson, a former advisor at National Australia Bank, has been banned from providing financial services and credit activities for seven years.

The Australian Securities and Investments Commission found that Thompson contravened financial services laws between December 2012 and February 2013, while at NAB. He forged client signatures on "change of advisor" forms to transfer general NAB clients to his personal financial planning client list. As a result of these false forms, Thompson received financial planning remuneration.

“ASIC's action against Mr Thompson should serve as a lesson to any financial advisors committing similarly brazen misconduct: ASIC will ban you,” said Peter Kell, ASIC deputy chair.

The ban comes as part of ASIC's Wealth Management Project, which focuses on the conduct of Australia's largest financial advice firms (NAB, Westpac, Commonwealth Bank of Australia, ANZ, AMP and Macquarie).

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