ASIC has permanently banned WA based former financial adviser Dashiel Benjo Vee (aka Dash Vee) from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
ASIC found that Mr Vee engaged in conduct that was dishonest and demonstrated the opposite of integrity, sound judgment, trustworthiness, and professionalism.
ASIC observed that Mr Vee:
- Acted dishonestly by providing his employer, Cojag Pty Ltd, with a falsified Financial Adviser Exam certificate and by informing colleagues and an education provider that he had passed the Financial Adviser Exam, and
- Misled 24 clients of Cojag about him meeting the prescribed education and training standard when he provided them with personal advice.
ASIC further found that Mr Vee was not fit and proper, nor adequately trained and competent, to provide one or more financial services, and that he was likely to contravene a financial services law in the future.
Mr Vee’s banning has been recorded in ASIC’s banned and disqualified register.
Mr Vee has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
Since 1 January 2019, professional standards have applied to financial advisers, including the requirement to pass the Financial Advisers Exam. Financial advisers were required to pass the Exam before 1 January 2022, to be able to continue to provide personal advice to retail clients on relevant financial products.
Mr Vee was a financial adviser appointed by Cojag Pty Ltd between 4 October 2021 to 29 December 2021, and 27 March 2022 to 2 March 2023. The Financial Adviser Register was updated to remove the appointment from 27 March 2022 after Cojag became aware that Mr Vee had not passed the financial adviser exam.
Cojag has informed ASIC of its client review and remediation measures in response to Mr Vee’s conduct. Cojag have cooperated with ASIC’s enquiries.
