Adviser banned for seven years
Perth-based financial adviser David Roy has been banned from providing advice for seven years after an investigation by the securities watchdog found he engaged in misleading conduct.
According to the Australian Securities and Investments Commission (ASIC), between 1998 and 2005 Roy provided inappropriate advice in relation to Westpoint and other products, thereby breaching his duty to ensure that investment recommendations were appropriate for his clients.
Roy provided financial services throughout the southwest region of Western Australia, predominantly in the Margaret River and Busselton areas, before moving his business to Perth.
Fourteen licensed advisers and two unlicensed advisers who advised on Westpoint products have now been banned.
AUTHOR
George Liondis
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