ASIC found that between August 2007 and September 2016, Mr Taylor dishonestly withdrew at least $1,951,000, primarily sourced from private client funds earmarked for specific investments, and used these funds for both personal and business expenses.

ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.

“If the advisor does not have an AFSL you may receive little protection from services such as the Financial Ombudsman Service if something goes wrong,” said Mr Ripoll.

Glen Connor used clients' assets as security for his margin loan and borrowed client funds.

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 Commonwealth Financial Planner, Kimberley Holgate after she cancelled clients' existing insurance prior to replacement cover being approved. As a result, some clients were left without insurance cover at all, others were without insurance cover for a period of time and some had to pay increased premiums and fees.

David Alafaci misled Centra's clients about his authority to issue invoices by issuing invoices contrary to his contractual agreement with Centra and instructing clients to pay fees directly into his personal bank account.

Mr Ripoll suggests that people unhappy with the response from their adviser’s complaints team, to take the next step and contact an external dispute resolution (EDR) service which exists to resolve disputes between consumers and their financial service provider.

With the Royal Commission into the banking sector confirmed, it’s refreshing to know some financial industry professionals still put their clients’ interests first.

The introduction of the Best Interest Duty in 2013 as part of the Future of Financial Planning reforms (FoFA) stipulates that financial planners must act in the best interest of their clients.

ASIC has accepted an enforceable undertaking (EU) from former Hart Ensole Pty Ltd representative, Dean Hartmann, after it was found that he failed to meet his financial advice obligations when dealing with his clients.

The Federal Court has imposed a civil penalty of $1 million against Melbourne-based financial advice firm NSG Services Pty Ltd (currently named Golden Financial Group Pty Ltd) (NSG) for breaches of the best interests duty introduced under the Future of Financial Advice (FOFA) reforms.

Self-Managed Super Fund (SMSF) investors need to be made aware of a scheme that is being promoted across the country. Investors are being advised to borrow to buy off-the-plan property, misleadingly offering high rewards and promising little to no risk. For many, this has ended in unnecessary financial losses.

ASIC has permanently banned financial adviser Koresh Daniel Houghton from providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients' best interests when providing advice

Mr Dimitropoulos' banning arises from ASIC's ongoing investigation into a property and self-managed superannuation fund (SMSF) promoting group, which includes the companies formerly called Heritage Financial Solutions Australia Pty Ltd (in liq) (Heritage Financial Solutions) and Sunpac Finance Pty Ltd (Sunpac Finance).