Fong Financial Planners has pleaded guilty in the Perth Magistrates Court to three charges of dishonest conduct while carrying on a financial services business.
In 2014, whilst serving as an authorised representative of AMP, Fong Financial Planners acted dishonestly by recording information it knew to be false on forms submitted to AMP as part of client insurance applications.
The incomplete disclosure of the information by Fong Financial Planners meant the duty of disclosure owed by the clients to the insurer had not been met and they risked not being covered by AMP under the relevant policies.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC (Australian Securities and Investments Commission) and was committed to the District Court of WA for mention in May to fix a date for sentence.