Australian Financial Watchdog Bans Former Advisor From Industry For Five Years

Josh O'Neill

13 February 2017

Australia's financial regulator has banned a former financial advisor from the financial services industry for five years after an investigation it conducted found he failed to comply with sector laws.

Darren Tindall was an authorised representative of New South Wales-based Roan Financial Group between May 2013 and May 2014.

A probe by the found that Tindall “engaged in misleading and deceptive conduct” by failing to disclose a client's pre-existing medical conditions on an insurance application.

He also “recklessly” made misleading comparisons about superannuation products to four clients, which resulted in them switching their superannuation.

“ASIC will take action against financial advisors who have been dishonest or who mislead their clients, in order to increase public confidence in the financial services industry,” said Peter Kell, ASIC's deputy chair.

Tindall has appealed to a tribunal court seeking a review of the regulator's decision.