The Australian Securities and Investments Commission (ASIC) announced today that former AMP financial adviser David Fong and his Perth-based company Fong Financial Planners have each been charged with dishonest conduct.

ASIC in 2017 permanently banned the adviser from providing financial services or engaging in credit activities.

Mr Fong appeared before the Perth Magistrates Court last Friday and was granted conditional bail.

ASIC says the matter is being prosecuted by the Commonwealth Director of Public Prosecutions and the case has been listed for further mention on January 14.

ASIC alleges in its legal action that in 2014 Mr Fong via Fong Financial Planners acted dishonestly while he was an authorised representative of AMP.

It says he completed and submitted false information in clients’ insurance applications, failed to adequately disclose fees to clients and acted without their instructions.

ASIC also claims he failed to adequately disclose the effect of advice, for instance clients becoming uninsured after closing their superannuation accounts.

Mr Fong appealed the regulator’s decision to ban him to the Administrative Appeals Tribunal and the appeal process is stayed pending the outcome of the criminal proceedings.