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ASIC bans financial advisor for five years

Chris Hamblin, Editor, London, 10 February 2017

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The Australian Securities and Investments Commission has banned Darren Tindall, a financial advisor, from providing financial services for five years after an investigation found that he failed to comply with financial services laws.

Mr Tindall, of Orange in New South Wales, was an authorised representative of Roan Financial Group Pty Ltd between 9 May 2013 and 19 May 2014, and was based there.

Mr Tindall was banned from providing financial services after ASIC found that he had:

  • engaged in misleading and deceptive conduct on a client's behalf by failing to disclose that client's pre-existing medical conditions on an insurance application he submitted to an insurer;
  • engaged in dishonest conduct by not disclosing the medical conditions in transferring that insurance that he had obtained to a new insurer; and
  • recklessly made misleading comparisons about superannuation products to four clients, which induced those clients to make changes to their superannuation arrangements.

On 17 January, Tindall applied to the Administrative Appeals Tribunal for a stay of the banning and review of ASIC's decision but was refused. The date for the hearing of review of ASIC's decision has yet to be set.

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