A Tasmanian financial adviser has been fined $5000 and put on a two-year good behaviour bond for lying under oath to ASIC.
Brendan Moore, an authorised representative of Financial Services Partners (FSP) in Hobart, was found guilty in the Hobart Magistrates Court on Tuesday.
It followed an ASIC investigation relating to Moore's superannuation switching advice.
The court found that Moore gave false and misleading answers while being questioned under oath during an examination before ASIC in September 2005.
The conviction stemmed from actions taken two years ago, when the regulator targeted Moore in its first action arising from its super switching crackdown announced in December 2004.
ASIC began a campaign of monitoring the advice and disclosure of financial services representatives when they recommended switching between super funds.
In November 2005, Moore was sentenced in the Hobart Magistrates Court in relation to four counts of failing to provide a statement of advice (SOA) following an ASIC investigation.
ASIC alleged that, during the period 13 September 2004 to 21 October 2004, Moore failed to give an SOA to four clients within the time frame required under the Corporations Act.
Moore has been an authorised representative of FSP since 1 October 2003.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
