A former National Australia Bank financial adviser has been banned for five years for offences that include pretending to be someone else in order to obtain information on a super fund.
The Australian Securities and Investments Commission says Gerard McCormack of South Melbourne phoned an industry super fund and pretended to be a member so he could get information to which he was not entitled.
He then used the information to help his client complete and lodge false withdrawal forms, enabling money to be improperly transferred to his client, ASIC said.
"When acting on behalf of their clients, financial advisers must not engage in behaviour that is misleading or deceptive," ASIC deputy chair Peter Kell said.
Mr McCormack, who has appealed against the decision, is the latest adviser to be banned as ASIC tries to restore confidence in the financial planning industry following a scandal that also engulfed Macquarie Group, ANZ and Commonwealth Bank.
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