Anne Street Partners responds to ASIC banning

According to a statement issued to ifa, Mr Logan was dismissed from Anne Street Partners following an internal investigation in 2015 which uncovered the fraudulent conduct involving the acquaintance.

As a responsible AFSL holder, Anne Street Partners immediately reported this fraudulent activity to ASIC, the statement said.

“We welcome the result of the ASIC banning order resulting from our internal investigations in order to protect the reputation of the financial services industry and the thousands of finance professionals who work in it," said Anne Street Partners chief executive Michael Adamson.

"It is crucially important for the benefit of Australia’s financial advice sector that ASIC acts promptly on reports lodged by AFSL holders and has the power to remove financial advisers who behave and act dishonestly from the financial services industry entirely".

Mr Adamson also confirmed that a full review of Mr Logan’s client files was undertaken after his termination and no other individuals or Anne Street Partners clients were affected.

Yesterday, the corporate regulator has permanently banned a former Anne Street Partners Financial Services adviser for creating false documents and using investor funds for personal use.

According to an ASIC statement today, Daniel Peter Logan, formerly of Brisbane, had engaged in dishonest conduct between 2013 and 2015 by creating false documents to entice an acquaintance to invest money through him.

Mr Logan then used those funds for personal use, ASIC said, and created false documents to perpetuate the belief that those funds had been invested.