ASIC bans tax adviser for two years

The Australian Securities and Investment Commission (ASIC) has banned a Sydney-based financial adviser for two years for allegedly misleading the Tax Practitioners Board (TPB).

John Hazell, an authorised representative of Richmond Partners Pty Ltd between 2018 and 2024, has been banned by the regulator from providing financial services for the next two years.

Hazell was first registered with the TPB as a tax adviser on 15 June 2015. His registration was terminated on 8 March 2023 by the Board after he had failed to meet its registration requirements.

ASIC identified that Hazell had made misleading statements to the TPB to retain his registration. The regulator states that Hazell then continued to provide professional services to retail clients “when he was unable to manage his own financial tax affairs and failed to reasonably engage with a professional body when conduct concerns were identified”.

As a result of these activities, ASIC concluded that Hazell is likely to contravene his obligations as a financial adviser, imposing its two-year ban “in the interests of consumer protection”.

“This will prevent Mr Hazell from providing financial services, performing one or more functions as an officer of an entity that carries on a financial services business and controlling an entity that carries on a financial services business.”

ASIC said the ban is part of its ongoing efforts to improve standards across the financial advice industry.