Compliance
ASIC Bans Former Financial Advisor For Eight Years

The Australian financial watchdog's probe into McCarthy's conduct found he forged documents in order to comply with an internal audit.
The
Australian Securities and Investments Commission has banned a
former financial advisor from entering the industry for eight
years after an investigation found he created and backdated
statements of advice and forged clients’ signatures.
James McCarthy, the sole director of McCarthy Financial Solutions
in South Australia, was also an authorised representative of AMP
Financial Planning from December 2011 through to April 2015.
ASIC discovered that McCarthy fabricated and backdated statements
of advice and authority to proceed documents, then forged his
clients’ signatures for the purpose of complying with an internal
audit conducted by AMP Financial Planning in March 2015. He
failed to provide any of the fraudulent documents to his
clients.
“ASIC is committed to raising standards of conduct and compliance
in the wealth management industry and will act to remove advisors
who engage in misleading conduct,” said ASIC deputy chair Peter
Kell.
McCarthy has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC’s decision.
This publication will continue to monitor this case and update
coverage accordingly.