Former Colonial adviser banned for life
Former Colonial financial planner William Richard Berghouse has been given a lifetime ban from acting as a representative of a securities dealer or investment ad-viser from the Australian Securities and Investment Commission (ASIC).
Former Colonial financial planner William Richard Berghouse has been given a lifetime ban from acting as a representative of a securities dealer or investment ad-viser from the Australian Securities and Investment Commission (ASIC).
Berghouse, a former adviser for Colonial Financial Services and AXA Australia subsidiary Charter Financial Planning was charged with the unauthorised with-drawal of $2000 from one of his client’s accounts.
In a statement released by ASIC, Berghouse admitted he used the money from his client’s account to feed his gambling addiction.
ASIC’s NSW General Counsel Jan Redfern said following Berghouse’s departure from Colonial, he failed to notify his next employer, Charter Financial Planning, the reasons why he left his position with the bank.
Redfern said Berghouse posed no further threat to the investing community, but by his conduct had shown himself “not to be of good fame and character and that permanently banning was therefore appropriate.”
“ASIC’s role is to protect the investing public from advisers who abuse their posi-tion of trust and we will not hesitate to remove such individuals from the industry,” she said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
