ASIC accepts permanent undertaking from Adelaide-based financial adviser
The Australian Securities and Investments Commission (ASIC) has accepted a permanent undertaking from an Adelaide-based financial adviser to permanently refrain from providing financial services.
The regulator accepted the enforceable undertaking (EU) from Barry David Hassell as part of a broader investigation that it is currently undertaking in relation to Hassell's conduct as a financial services representative.
In offering the EU, Hassall acknowledged that he:
- provided advice in circumstances where the advice was not appropriate to the client;
- did not provide clients with statements of advice (SOAs) and did not retain SOAs or records of advice;
- did not give clients information about his remuneration (including commission) or other benefits, interests, associations or relationships that might reasonably be expected to have been capable of influencing him in providing advice; and
- at times, fabricated SOAs and other documents relating to the financial services he provided to clients.
The regulatory body stated that Hassell undertook to notify current clients that he could no longer provide financial services and that they should refer any queries about the services provided to his former Australian financial services licensee, 101 Wealth Solutions Pty Ltd.
According to ASIC, Hassall has carried on the business of Hassall-Free Insurance Services since 31 August 1988 - either in his own capacity or as a director of BD & WJ Hassall Pty Ltd.
Since 2004, Hassell has been an authorised representative at different times for Pivotal Financial Advisers Ltd, Guardian Financial Planning Ltd, AAA Shares Pty Ltd, AAA Financial Intelligence Ltd, and most recently, 101 Wealth Solutions, which revoked his authorisation on 28 March 2012, ASIC stated.
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