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Screenshot of a breaking news alert e-mail from Q2 2017
The Administrative Appeals Tribunal (AAT) announced that has affirmed ASIC’s decision to permanently ban Mr Rommel Panganiban from providing financial services.
ASIC banned Mr Rommel Panganiban, of Bella Vista, New South Wales, from providing financial services after an ASIC surveillance found that he failed to act in his clients’ best interests or have a reasonable basis for advice, and that he had prioritised his own interests over that of his clients.
The AAT further affirmed ASIC’s decision that Mr Panganiban was not of good character.
Wealth Management Project
This outcome is a result of ASIC’s Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).
ASIC’s work in the Wealth Management Project covers a number of areas including:
- Working with the largest financial advice firms to address the identification and remediation of non-compliant advice;
- Seeking regulatory outcomes, where appropriate, against licensees and advisers.