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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.