AMP and Allianz financial planners permanently banned

Former AMP financial planner Rommel Panganiban of Bella Vista, NSW has been banned from providing financial services after ASIC surveillance found that he failed to act in his clients' best interests or have a reasonable basis for advice, and that he had prioritised his own interests over those of his clients, ASIC said in a statement.

Between 4 February 2011 and 31 July 2014, Mr Panganiban advised 49 clients who held risk insurance through their AMP superannuation fund to cease their existing AMP insurance policies and replace them with new AMP insurance policies, ASIC said.

By ceasing and replacing the insurance policies, rather than transferring them, the full rate of commission became payable to AMP Financial Planning. Mr Panganiban's remuneration was positively influenced by the upfront commissions he generated from his advice.

As a result of replacing rather than transferring the policies, Mr Panganiban's clients were exposed to unnecessary consequences including gaps in cover and changes in definitions and policy terms, and they risked policy exclusions and loadings.

Mr Panganiban has applied to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.

ASIC has also permanently banned former Allianz financial adviser Kerrie Marie King from providing any financial services and engaging in any credit activities.

In April 2016, Ms King was convicted in the County Court of Victoria on five counts of obtaining property by deception, two counts of obtaining financial advantage by deception and other unrelated charges, ASIC said.

Between 2008 and 2011, Ms King stole funds from clients and forged loan documents in the names of these clients.

She also provided false documentation relating to a loan application on her own behalf.

The total value of the deceptions amounted to more than $1.3 million.

Ms King was sentenced to a five-year term of imprisonment, with a non-parole period of three years.