Professional Misconduct

Alfie Chong

Address: Vic, Australia
Sex: Male
Occupation: Financial adviser
Date: 16 September 2015


ASIC banned Alfie Chong, a financial adviser and former authorised representative of Meritum Financial Group Pty Ltd (Meritum), from providing financial services for five years.

An ASIC review of Chong's advice and compliance record found that Chong had:

  • provided inappropriate advice;

  • failed to determine clients' relevant personal circumstances or failed to conduct reasonable investigations into the subject matter of his advice;

  • engaged in misleading or deceptive conduct in relation to a client signature that was copied and pasted on to an authority to proceed form;

  • provided personal advice without giving clients a statement of advice (SOA);

  • failed to provide sufficient detail about the basis on which the advice was given; and

  • arranged for clients to implement advice and transactions before providing clients with an SOA.

Chong's banning will be recorded on ASIC's register of financial advisers.

Chong has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.