Former Westpac Financial Planner Canned From Industry For Five Years

A former Westpac financial planner from Western Australia has been banned from the industry until 2 June, 2022, for shortcomings including not carrying out ongoing reviews for at least nine clients.

The ban was imposed on Sudhir Kumar Sinha by the Australian Securities and Investments Commission.

Sinha was an employed representative of Westpac from 2001 to 10 November 2014.

A probe by ASIC found that Sinha “systematically failed to meet his ongoing advice service obligations over a period of six years while he was employed by Westpac,” the watchdog said in a statement yesterday. Clients had paid for ongoing advice services; in the case of at least nine clients, these reviews did not take place.

The conduct showed that Sinha was not adequately trained or was not competent to provide financial services during his employment with Westpac.

The regulator said Sinha was “likely to breach a financial services law in the future”.

Westpac is remediating the clients affected by Sinha's conduct. As of 28 February 2017, Westpac has remediated A$1.473 million in respect of Sinha's ongoing advice failings.

ASIC has been purging miscreant and incompetent wealth advisors from the sector as part of a general campaign to raise standards in the sector. For more on this process, see here.

Source:wealthbrifingasia

Nick Kalikajaros 2017