ASIC nabs two more advisers
The Australian Securities and Investments Commission (ASIC) has continued its busy start to the new year.
The Australian Securities and Investments Commission (ASIC) has continued its busy start to the new year.
Former Lend Lease Financial Planning authorised representative David Wood has agreed to an en-forceable undertaking from the watchdog not to act as a representative of a licensed dealer or apply for his own dealers licence for five years.
Wood advised his clients to invest in real estate development group Capital Hill Holdings, though he was a director and shareholder in the company at the time of his advice.
Following an investigation into Wood’s actions by ASIC, Lend Lease Financial Planning cancelled Wood’s proper authority.
Meanwhile, a separate investigation by ASIC has resulted in a warrant being issued for the arrest of former insurance agent Peter Neilson.
Neilson, a director of Tasmanian-based PR Consultants, was due to appear in the Hobart Court of Petty Sessions to answer nine ASIC charges in relation to the conversion of funds and failure to forward on insurance premiums to the insurer.
It has been alleged by ASIC that between February 1997 and August 1998, Neilson misapplied cheque proceeds worth $181,864 which were to cover insurance premiums owed by clients.
Two other charges against Neilson relate to his failure to pay his clients’ insurance premiums to the insurer within the required 37 days.
The warrant for Neilson’s arrest will remain in court provided he appears on March 13 to answer the charges. ASIC, meanwhile, has commenced deregistration action against PR Consultants.
Recommended for you
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.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
