Former NAB adviser banned for dishonest conduct

Grant Desmond Taylor of TFG Advice Solutions was banned after the corporate regulator found he had “engaged in dishonest and deceptive conduct towards his clients”, according to an ASIC statement.

“Mr Taylor was an authorised representative of GWM Adviser Services Ltd from December 2003 to June 2013 as well as principal of his own company, TFG Advice Solutions Pty Ltd,” the statement said.

“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.”

Additionally, ASIC found Mr Taylor had “held out that he was authorised to provide advice and financial services” to private clients of GWM after 20 June 2013 when he was no longer personally authorised to do so.

“ASIC was further concerned that Mr Taylor became bankrupt in March 2017,” the statement added.

“Mr Taylor has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.”

NAB, the owner of GWM Adviser Services, will face the banking royal commission later this week.

For rolling coverage of the commission, follow the ifa live blog here: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog