Former Macquarie Equities representative banned


The Australian Securities and Investments Commission (ASIC) has banned a former Macquarie Equities Limited representative from providing financial services for three years after finding he was not adequately trained to provide financial services.
ASIC banned Ben Rickman after investigations found that during his employment at MEL from July 2012 to June 2014, he represented himself as a solicitor/conveyancer in a property purchase transaction, and drafted legal documents such as wills, and gave legal advice about those documents.
However, Rickman has no legal qualifications and is not licensed as a conveyancer.
"ASIC found that the poor results of file reviews conducted by Macquarie, and the fact that Mr Rickman acted outside the scope of his Macquarie Representative Authority and employment agreement demonstrated that Mr Rickman does not have the ability, professional skills or judgement to competently provide financial services," ASIC said.
"Further, ASIC found that Mr Rickman has demonstrated a lack of understanding regarding the role of a financial adviser."
Rickman has appealed to the Administrative Appeals Tribunal for a review of ASIC's decision.
The investigations were conducted as part of ASIC's Wealth Management Project, which was set up in October 2014 and focuses on the conduct of large financial advice firms such as Westpac, the Commonwealth Bank, National Australia Bank, ANZ, Macquarie and AMP.
The project looks to identify non-compliant advice, and seeks regulatory outcomes against licensees and advisers where required.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.