ASIC permanently bans South Australian adviser
A South Australian financial adviser has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC), following a finding that he is not of good fame or character.
ASIC found that between 29 December, 2008 and 12 July, 2016, Robert Pryor Smith electronically transferred $278,042.58 from the bank account of a deceased estate for which he was trustee and executor into accounts held in his name or in that of Advice 4 Wealth.
He was the sole director of Advice 4 Wealth.
ASIC found that Smith’s conduct was intended to benefit his own interests at the expense of the estate and its beneficiaries. They also ruled that his behaviour was dishonest and that he made false statements about what happened to the estate funds.
At the time, Smith was an authorised representative for Futuro Financial Services. Advice 4 Wealth had also been an authorised representative for Futuro since 29 September, 2008.
Smith would have the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.