ASIC has announced that it has permanently banned Mr Grant Desmond Taylor, of Montmorency, Victoria from providing financial services after finding he engaged in dishonest and deceptive conduct towards his clients. ASIC also found that Mr Taylor was not of good fame or character.
Mr Taylor was an authorised representative of GWM Adviser Services Ltd (GWM) from December 2003 to June 2013 as well as principal of his own company, TFG Advice Solutions Pty Ltd (TFG Advice). TFG Advice was a corporate authorised representative of GWM from November 2012 and December 2016. Mr Taylor and TFG Advice provided financial advice regarding superannuation, managed funds and securities to a number of private clients. GWM is a wholly owned financial services licensee of the National Australia Bank.
ASIC found that between August 2007 and September 2016, Mr Taylor dishonestly withdrew at least $1,951,000, primarily sourced from private client funds earmarked for specific investments, and used these funds for both personal and business expenses.
ASIC’s investigation also found that after 20 June 2013, Mr Taylor held out that he was authorised to provide advice and financial services on behalf of GWM to a number of private clients when not personally authorised to do so.
ASIC was further concerned that Mr Taylor became bankrupt in March 2017.
Mr Taylor’s banning will be recorded on ASIC’s Banned and Disqualified Register.
Mr Taylor has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC’s MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.
Background
The banning of Mr Taylor is part of ASIC’s Wealth Management Project. The Wealth Management Project was established in October 2014 to lift the standards of major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).
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.
As part of its Wealth Management Project, ASIC has banned 45 advisers and one director from the financial services industry. Five adviser bannings are subject to appeal, with a further banning stayed pending the outcome of an appeal.