Australian Regulator Permanently Bans Advisor Who Lied About Qualifications

Tom Burroughes

11 October 2016

Australia’s financial watchdog has permanently banned a former Hobart-based financial advisor from the sector for lying about his qualifications.

The Australian Securities and Investments Commission took the action against Troy Andrew Rodney Williams, of Sandy Bay. He had been a director and was a former advisor at Directions Wealth Management. He was authorised to provide financial advice as a representative of Financial Services Partners (FSP), a subsidiary of the Australia and New Zealand Banking Group (ANZ).

An ASIC investigation found that in the period from December 2003 to March 2015 Williams provided financial services guides to his clients that contained false statements about his qualifications.

The guides falsely stated that Williams held a Diploma of Financial Planning and that he had completed certain courses related to that diploma. In December 2014, Williams dishonestly created false certificates purportedly evidencing his qualifications and sent them to FSP.

After becoming aware of his actions, FSP suspended his authority to provide financial advice on 10 March 2015. The authority was subsequently cancelled by FSP on 20 April of that year.

Williams has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.