The Australian Securities and Investments Commission on Thursday said that Ian Victor Haisman of Beenleigh had been providing templated advice not tailored to his clients' individual circumstances, needs and financial goals.
“Owing investors approximately $9 million (17-246MR). Many of the investors were pensioners and were approached by telemarketing or word of mouth. Investors were convinced to borrow against their homes and were told that their money would be used to develop property in Tasmania. Instead, the money paid by investors was used to pay back interest owed to other investors, payments to employees, cash withdrawals and transfers to personal bank accounts.”
The Australian housing market is currently in a time of downturn, dropping 4.8% in the last year. In context, that’s the most significant fall since the Global Financial Crisis. While a slip in the market will affect many homeowners to some degree, those who have purchased investment property through a self-managed super fund (SMSF) may be especially at risk.
ASIC has banned financial adviser Mr Graeme Ashley Cowper, of Oatley, NSW, from providing financial services for 4 years after an investigation found he was not adequately trained or competent to provide financial services.
ASIC has commenced proceedings in the Federal Court of Australia against Westpac Banking Corporation in relation to alleged poor financial advice provided by one of its former financial planners, Mr Sudhir Sinha.
ASIC has permanently banned Mr Max Kiattisak Eung (also known as Kiattisak Eungpongpan), of Tempe, New South Wales from providing financial services and engaging in credit activities.
ASIC has permanently banned Perth insurance broker, Mr Antonino Gucciardi, from the financial services industry for misleading, deceptive and dishonest conduct.
ASIC has permanently banned Queensland financial adviser Mr Michael Gordon McIlwraith Taylor from providing financial services. Mr Taylor was an authorised representative of Morgans Financial Limited from 10 March 2004 until 21 September 2015.
The Royal Commission is gaining a lot of momentum due to the misconduct by financial advisors around Australia. Our consumer advocate Bernie Ripoll is here to discuss the Royal Commission and what to do in the case that you were charged “fee’s for no service.”
ASIC has banned Queensland financial adviser Gerald Grubwinkler from providing financial services for four years. ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.
ASIC has permanently banned Mr Grant Desmond Taylor, of Montmorency, Victoria from providing financial services after finding he engaged in dishonest and deceptive conduct towards his clients. ASIC also found that Mr Taylor was not of good fame or character.
Consumer Advocate Bernie Ripoll on the Banking Royal Commission.
Banking Royal Commission wastes no time to highlight extend of problems with banking and the advice sector.
ASIC has banned Mr Glenn William Connor from providing any financial services for the next seven years, after it was found that he had not complied with a financial services law.
The first public hearing into the Banking Royal Commission is scheduled for February 12, however consumers shouldn’t expect to be compensated.
Mr Wilkins was a mortgage broker and helped clients to arrange finance to purchase properties. ASIC found that on five occasions in June and July 2010, Mr Wilkins submitted loan applications on behalf of clients in which he deliberately overstated their savings by between about $130,000 and $179,000.
ASIC has banned Kimberley Holgate, of Wagga Wagga, NSW, from providing financial services for five years.
The Federal Court of Australia has made interim orders restraining Financial Circle Pty Ltd (Financial Circle) from engaging in a number of activities including carrying on a financial services business, providing financial advice or entering into credit contracts.
ASIC has permanently banned Mr Robert Pryor Smith, of West Lakes, South Australia from providing financial services on the basis that he is not of good fame or character.
ASIC has permanently banned Mr David Mario Alafaci, of Morphett Vale, South Australia from providing financial services on the basis that he is not of good fame or character.
The Turnbull government’s Royal Commission is putting the financial services industry under the spotlight, with many people wondering what to do if they have been a victim of bad financial advice.