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
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
Lower fees and trustworthiness are the top factors enticing unadvised Australians to seek a financial adviser, according to Fidelity International, common across all generations.
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
