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.
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
