ASIC permanently bans directors of Found Financial for dishonest and deceptive conduct


The Australian Securities and Investments Commission (ASIC) announced that it has permanently banned Matthew Manson Wallis and Rochelle Roanna Manoharan from providing financial services.

Mr Wallis and Ms Manoharan are directors of Found Financial Services Pty Ltd (Found Financial), which is a former Corporate Authorised Representative of RI Advice Group Pty Ltd (RI Advice).

ASIC found that between June 2015 and December 2015, Mr Wallis and Ms Manoharan submitted insurance applications to Zurich Australia Ltd that:

  • were not requested by the clients, and were made without their knowledge; and
  • contained false information.

Mr Wallis and Ms Manoharan falsified the insurance applications to maximise the amount of up-front commission received by Found Financial.

The false insurance applications were for life insurance, TPD insurance, trauma and income protection insurance. Found Financial paid the monthly premiums for a short period of time to give the appearance that the policies were genuine. In each case the policies lapsed because of non-payment.

ASIC found that both Mr Wallis and Ms Manoharan’s conduct was dishonest, and that they had both engaged in misleading and deceptive conduct. ASIC also found that it had reason to believe that Mr Wallis and Ms Manoharan are not of good fame or character.

Peter Kell, ASIC

Acting ASIC Chair Peter Kell said:

People working in the financial services industry must be trusted to act with integrity. If they engage in dishonest conduct, ASIC will remove them from the industry.

RI Advice holds an Australia financial services licence and is wholly owned by Australia and New Zealand Banking Group Limited (ANZ).

Mr Wallis and Ms Manoharan have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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ASIC permanently bans directors of Found Financial for dishonest and deceptive conduct

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