Former Westpoint adviser convicted
A former Westpoint adviser has been convicted in the New South Wales District Court for providing financial advice without the required Australian financial services licence (AFSL).
Keith Jason Rowntree of Kellyville in NSW last year pleaded guilty to the charge of providing financial advice without holding the requisite AFSL, as obligatory under the Corporations Act.
The charge against Rowntree was put forward by the Australian Securities and Investments Commission (ASIC) following the Commission’s broader investigation into the collapse of the Westpoint Group.
ASIC alleged Rowntree provided financial advice to clients investing in Westpoint products while he was carrying on a financial services business, Solutions One Finance Group, in North Sydney.
Rowntree was ordered to undertake 80 hours of community service and has been automatically disqualified from managing a corporation for five years. Companies for which Rowntree was director have been deregistered.
AUTHOR
Amal Awad
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
