ASIC has permanently banned Melbourne based financial adviser Kudzanai Philip Dzawo from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.

ASIC found that Mr Dzawo dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled by making false and misleading statements to the clients.

ASIC found Mr Dzawo was not a fit and proper person to provide financial services after he made false and misleading representations to clients, acted outside of his authorisation with his licensee, did not disclose his interest in an investment he recommended to clients, and demonstrated a serious lack of honesty, integrity, judgement, trustworthiness and professionalism.

Mr Dzawo has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Mr Dzawo’s banning is recorded on ASIC’s banned and disqualified register.