ASIC bans Adelaide adviser for six years
The Australian Securities and Investment Commission (ASIC) has banned Adelaide financial adviser Adrian Cassidy for six years.
ASIC found Cassidy acted dishonestly by concealing from his licensee Godfrey Pembroke, a wholly owned subsidiary of National Australia Bank (NAB), recommendations he gave to 54 clients in 2017.
He was reported to ASIC by NAB after the recommendations were for his clients to invest in the start-up company Bux Global Limited (Bux).
Bux ultimately failed and liquidators were appointed in October, 2018.
ASIC also found Cassidy’s conduct had significant consequences for his clients and his licensee and he failed to consider those consequences when he recommended his clients to invest in Bux.
Cassidy has appealed ASIC’s decision to the Administrative Appeals Tribunal, but a hearing date is yet to be set.
AUTHOR
Chris Dastoor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
