trending Market Intelligence /marketintelligence/en/news-insights/trending/n2_abXWnTBslPNo_W3rnfA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

ASIC bans former NAB financial planner

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


ASIC bans former NAB financial planner

The Australian Securities and Investments Commission permanentlybanned a former National AustraliaBank Ltd. senior financial planner after the regulator found he wasengaged in misleading and deceptive conduct.

The ASIC said April 26 that it banned Hardik Bhimani from providingfinancial services after an investigation found that he misappropriated advice feesowed to his employer, charged his clients excessive fees and failed to provide aclient with statements of advice.

Bhimani was a senior financial planner with NAB between April1, 2011, and Nov. 4, 2013. The ASIC found that between Dec. 5, 2012, and Aug. 7,2013, Bhimani made arrangements for clients to deposit advice fees into his personalNAB bank account, charged clients with excessive fees, failed to provide a clientwith statements of advice and engage in repeated breaches of standards.

NAB has fully refunded the advice fees to the affected clients.