ASIC found Bhandari acted dishonestly while assisting consumers to find and consolidate their superannuation and obtain hardship payments.
This had included instances where he told consumers to make false statements to their superannuation fund trustees in order to gain early access to their superannuation balances.
ASIC also found that he and ADG gave personal advice to consumers about their superannuation despite only being authorised to give general advice and failed to comply with the legal obligations required, which included client best interest and providing a statement of advice.
ASIC cancelled ADG’s AFSL, after it found its business model was not designed to comply with its obligation to act efficiently, honestly or fairly when providing financial services. ADG was found to have: