ASIC Charges David Michael Fong and His Company with Dishonest Conduct

The Australian Securities and Investments Commission (ASIC) today announced that former AMP financial adviser David Michael Fong and his Perth-based company Fong Financial Planners Pty Ltd have each been charged with engaging in dishonest conduct while carrying on a financial services business.

ASIC​ alleged that in 2014, while an authorised representative of AMP, Mr Fong via Fong Financial Planners acted dishonestly when he:

• completed and submitted false information in clients’ insurance applications;

• failed to adequately disclose fees to clients;

• acted without client instructions; and

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

Mr Fong appeared before the Perth Magistrates Court on 19 November 2021 and was granted conditional bail.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. It has been listed for further mention on 14 January 2022.