ASIC accepts EUs from former Macquarie advisers
Two former Macquarie Equities advisers have undertaken not to participate in the financial services industry for a specified period.
The enforceable undertakings were made to the Australian Securities and Investments Commission (ASIC) by Paul Martin Kennedy and Bradley David Dohrmann, both of South Australia, following an investigation by the regulator into their conduct.
Specifically, ASIC investigated the advisers’ conduct during the period between September 2007 and July 2008 in relation to options trading by clients through the product Macquarie Trading Power.
ASIC said it was concerned that the advisers “failed to adequately explain the risks of trading in accordance with their strategy, and failed to ensure that options trading for all relevant clients was conducted in accordance with the mandated [Macquarie Equities] framework”. Consequently, the relevant clients “were exposed to increased risk from about January 2008”, resulting in “significant losses” for them.
ASIC has accepted the enforceable undertakings offered, namely that Kennedy not participate in the financial services industry for a period of four years, while Dohrmann will abstain for a period of two years.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
