ASIC permanently bans jailed Adelaide adviser
Former financial adviser James Gibbs has been permanently banned by the Australian Investments and Securities Commission (ASIC), the first banning imposed by ASIC utilising its recent banning power extensions.
ASIC banned the Adelaide adviser from having any involvement in financial services and credit activities.
The extension of ASIC’s banning powers came into effect on 18 February, 2020, as a result of the Stronger Regulators Act that allowed ASIC to ban people from having any involvement in financial services or a credit business.
Previously the ban only extended to providing financial services or engaging in credit activities.
In July 2019, Gibbs was sentenced to 10 years imprisonment for fraud offences with a non-parole period of seven years.
Following the conviction, ASIC pursued the banning orders to permanently remove Gibbs from the financial advice and credit industries.
AUTHOR
Chris Dastoor
Recommended for you
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
