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Adviser banned over double-charging

The Australian Securities and Investments Commission (ASIC) has permanently banned WA adviser Robert Hutchison from providing financial services.

Mr Hutchison was an authorised representative of RI Advice Group, owned by OnePath, from May 2007 to November 2012.

Between January 2011 and November 2012 he dishonestly put client cheques into his personal bank account, ASIC says.

He was required to inform the dealer group of these payments.

Mr Hutchison then deducted additional fees from his clients’ financial products for payment to RI Advice Group.

ASIC Deputy Chairman Peter Kell says Mr Hutchison misled or deceived his clients by failing to tell them they had been double-charged advice fees.

“ASIC will continue to protect consumers by removing people from the financial services industry who act dishonestly and breach the trust of their clients,” he said.

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