The Financial Services and Credit Panel has published its first banning order against an adviser, on the grounds they are insolvent under administration.
In a media release from ASIC, it said the FSCP has made a registration prohibition order against financial adviser Timothy Anderson from 7 December 2023 until after 17 May 2025.
Anderson has had his registration as a financial adviser cancelled and is prohibited from being registered with ASIC.
He is also prohibited from giving personal advice to retail clients on relevant financial products during the prohibition period.
The FSCP makes administrative decisions on matters referred to it by ASIC that relate to the conduct of financial advisers and commenced at the start of 2022.