ASIC Bans Bankrupt Advisor For Nine Months
Vanessa Doctor, Asia Correspondent, 4 December 2013
Bankrupt Queensland advisor receives 9-month ban from financial services practise.
The [tag|Australian Securities and Investments Commission|]Australian Securities and Investments Commission[/tag] has issued a nine-month ban against a Queensland financial advisor after being declared bankrupt.
Alistair Frank McCreath was previously an advisor for Australian Life Insurance Distribution and provided statements of advise.
Under section 920(A) of the Corporations Act 2001, the regulator can ban bankrupt individuals from providing financial services. The ban will be lifted when McCreath's bankruptcy ends.
McCreath has the right to lodge an appeal with the Administrative Appeals Tribunal for a review of ASIC's decision.