A Queensland-based adviser has been slapped with a seven years ban for providing bad advice to his clients by the Australian Securities and Investments Commission (ASIC).
ASIC has permanently banned a former adviser from providing financial services for engaging in misconduct, which included fraudulently transferring A$300,000 of client money into her personal accounts.
“We know that property prices go up and they go down, we know that superannuation should be a diversified portfolio, so across a spread of different assets, and if you're holding a single asset in your retirement fund then you are exposing yourself to significant risk.”
Graeme Walter Miller, former director of Australian financial services licensee CFS Private Wealth Pty Ltd and also CFS Corporation Pty Ltd (CFS), has been charged with dishonesty offences totalling $1.865 million.
ASIC has banned a former authorised representative of Aon Hewitt Financial Advice from providing financial services for a period of two years.
The Australian Securities and Investments Commission (Asic) has started Federal Court action against New South Wales-based RI Advice Group and former financial adviser John Doyle.
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.