Corporate regulator ASIC has imposed a two-year ban on financial adviser John Hazell, barring him from providing financial services.
Hazell, who was an authorised representative of Richmond Partners from March 2018 to May 2024, cannot offer financial services, hold roles in financial services businesses, or control such entities during the ban period.
Hazell’s issues stem from his dealings with the Tax Practitioners Board (TPB), where ASIC discovered that he made misleading statements to maintain his registration as a tax (financial) adviser.
His registration was terminated by the TPB in March 2023 after it was found that he no longer met the registration requirements.
Despite this, Hazell continued to provide professional services to retail clients, even though he was unable to manage his own tax obligations.
ASIC’s investigation raised concerns about Hazell’s ability to comply with his obligations as a financial adviser. ASIC determined that banning Hazell was necessary to protect consumers from potential harm.
“ASIC found that Mr Hazell is likely to contravene his obligations as a financial adviser,” the regulator stated.
As a result, Hazell is barred from providing financial services and taking part in any business that offers them for the next two years.
This ban is part of ASIC’s ongoing efforts to uphold and improve standards in the financial advice industry.
Hazell’s banning will be noted in both the publicly accessible Financial Advisers Register and the Banned and Disqualified Persons Register.
Recent actions by ASIC against finance professionals include those taken against Bradley Grimm and Ben Jayaweera.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter
