ASIC bans adviser over misleading statements to TPB

The Australian Securities and Investments Commission (ASIC) has banned financial adviser John Hazell from providing financial services for a period of two years.

The regulator said the banning stemmed from Hazell, who was an authorised representative of Richmond Partners Pty Ltd from 1 March 2018 to 16 May 2024, making misleading statements to the Tax Practitioners Board (TPB).

Hazell was registered with the TPB as a tax (financial) adviser on 15 June 2015 until his registration was terminated by the board effective 8 March 2023 for ceasing to meet registration requirements.

“In his dealings with the TPB, ASIC identified Mr Hazell had made misleading statements in order to retain his registration, and he continued to provide professional services to retail clients when he was unable to manage his own financial tax affairs and failed to reasonably engage with a professional body when conduct concerns were identified,” ASIC said.

“As a result of these concerns, ASIC found that Mr Hazell is likely to contravene his obligations as a financial adviser and in the interests of consumer protection, imposed a banning period of two years.”

ASIC added that the ban would prevent Hazell from providing financial services, performing one or more functions as an officer of an entity that carries on a financial services business and controlling an entity that carries on a financial services business.

The banning will be recorded on the Financial Advisers Register and the Banned and Disqualified Persons Register.