Former adviser gets banning term reduced

According to a statement, the AAT reduced Atish Prasad's banning term from three years to 18 months. The move came after Mr Prasad applied to the AAT in May 2015 for a review of ASIC's decision.

Mr Prasad's banning will now cease on 26 October 2016.

Mr Prasad received the banning order from ASIC in April 2015 for alleged misconduct that occurred between June and December 2013, while he was a Lionsgate authorised rep.

At the time, ASIC said Mr Prasad was found to have failed to "maintain adequate records of his advice; provide a Statement of Advice (SOA) within the required timeframe; provide a SOA that adequately set out information about the basis on which the advice was given; and provide appropriate replacement product advice".

ASIC deputy chair Peter Kell said the banning order "highlights the importance of record keeping by advisers".