ASIC nabs another Westpoint adviser
The Australian Securities and Investments Commission (ASIC) has identified and subsequently banned another financial planner for providing inappropriate advice in relation to Westpoint.
Perth-based planner Pierre Schinazi was found to have made misleading statements to clients concerning the features of Westpoint products while also failing to provide a reasonable basis for making the recommendations. Schinazi was banned from providing financial services for five years.
He was the sole director and responsible officer of Ascare Financial Services at the time the recommendations were made.
Schinazi’s banning brings the number of licensed advisers ASIC has banned over Westpoint to 19.
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.