This publication provides latest news of regulatory and related developments in the Asia-Pacific industry.

Australia’s financial regulator has banned a financial advisor and former authorised representative of Meritum Financial Group Pty Ltd from providing advice in the sector for five years, citing a number of shortcomings.

The Australian Securities & Investments Commission said that an investigation had found that Alfie Chong had provided inappropriate advice; failed to determine clients’ relevant personal circumstances or reasonable checks into the subject matter of his advice; engaged in misleading or deceptive conduct over a client signature; given personal advice without giving clients a statement of advice; failed to give sufficient detail about basis of advice, and arranged for clients to implement advice and transactions before providing clients with a statement of advice.

Chong has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision, a statement from the watchdog said yesterday.

Chong was a representative of Meritum from 16 September 2005 to 28 March 2006 and from 20 July 2007 until 9 June 2014.

The watchdog added that it reviewed a sample of Chong's advice as part of a review of advice across ten licensees in relation to complex retail structured products. This review identified a range of conduct or disclosure concerns around the marketing and advice on these products across the licensees in the sample.