ob体育 has banned Mr Ramana Rao of Heathpool, South Australia, from providing financial services for three years because he was not adequately trained or competent and demonstrated a lack of professionalism, judgement and integrity when advising some of his SMSF clients.
ob体育 found that Mr Rao had advised one of his clients to obtain financial assistance by drawing out funds from their SMSF where the removal was not permitted by the Superannuation Industry (Supervision) Act 1993 or the SMSF's trust deed.
ob体育 also found that Mr Rao had failed to prioritise the interests of a client over his own by recommending that his client's SMSF provide a loan to Mr Rao's business when Mr Rao knew such an investment was not a sound one.
In both those instances, ob体育 found that Mr Rao failed to give his clients statements of advice.
Mr Rao's banning will be recorded on ob体育's .
Mr Rao has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育's decision.
has useful information for clients of advisers to help them understand what to do if their adviser has been banned.