Queensland-based financial adviser Anass “Caesar” Abdalla has been permanently banned by ASIC from providing any financial services.
ASIC found that Abdalla, as the general manager of a financial services licensee, instructed an authorised representative to sign documents misleading clients into believing personal advice had been provided when it had not.
ASIC concluded that Abdalla’s actions demonstrate a lack of the necessary fitness and propriety required to offer financial services or manage a financial services business.
“Mr. Abdalla’s conduct gave reason to believe that he lacks the fitness and propriety to provide financial services, or manage or control those who do,” ASIC said in a media release.
Abdalla retains the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
His banning is now recorded on ASIC’s banned and disqualified register.
Prior to this announcement, ASIC released Report 785, which found ANZ, Bendigo and Adelaide Bank, CBA, and Westpac charged high fees to low-income customers, including those relying on Centrelink payments. The regulator also reported that Firstmac has been found by the Federal Court to be in breach of the new design and distribution provisions.
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