Former Westpac adviser banned for five years

The Australian Securities and Investments Commission (ASIC) announced it has banned Sudhir Kumar Sinha, a financial planner from Western Australia, from providing financial services until 2 June 2022.

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

ASIC's investigation found that Mr Sinha systematically failed to meet his ongoing advice service obligations over a period of six years while he was employed by Westpac. This included a failure to conduct ongoing reviews for at least nine clients. The clients had paid for ongoing advice services and were entitled to receive these reviews.

ASIC found that Mr Sinha's conduct demonstrated that he was not adequately trained, or was not competent to provide financial services during his employment with Westpac. Further, ASIC found that Mr Sinha was likely to breach a financial services law in the future.

Westpac is remediating the clients impacted by Mr Sinha's conduct. As of 28 February 2017, Westpac has remediated $1,473,914 in respect of Mr Sinha's ongoing advice failings.

ASIC Deputy Chair Peter Kell said, "ASIC is committed to improving conduct in the wealth management industry and we will act to remove advisers who do not live up to the high standards expected of financial advisers."


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