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.
AUTHOR
Hannah Wootton
Recommended for you
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.onviction set to expire in January next year.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
