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ASIC bans former Meritum adviser

Former Meritum Financial Group adviser Alfie Chong has been banned for five years.

An Australian Securities and Investments Commission review found he provided inappropriate advice, failed to determine clients’ relevant personal circumstances and did not provide statements of advice.

Mr Chong was also found to have copied a client signature and used it on another authority-to-proceed form.

He worked for Melbourne-based Meritum for two periods – from September 2005 to March 2006 and July 2007 to June last year.

From August last year to September 4 Mr Chong was an adviser at Neo Financial Solutions in Perth.

According to the ASIC adviser register, Mr Chong is a Financial Planning Association member and Certified Financial Planner.