Number of adviser bannings escalates
The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.
The Australian Securities and Investments Commission (ASIC) banned a record 50 investment advisers in 1999/2000, compared to just 17 the year before.
According to the ASIC annual report, the investment watchdog banned 16 advisers for life and the other 34 for a varying number of years.
Nine of the banned advisers are those who led clients into the failed Wattle Group. Fourteen people still face ASIC criminal charges relating to the failed $165 million scheme.
Those banned for life include former Hillross adviser Ian Pavletich, who was convicted of de-frauding St George Bank chairman Frank Conroy of $350,000. He was also sentenced to three and half years jail for the crime.
Another high profile banning was WA-based finance broker Graeme Clifford Grubb who was banned over a number of charges relating to the loss of $11 million by 200 investors. Grubb is also now serving a jail sentence for the crime.
The investment watchdog received 5534 complaints from the public, which was up 5 per cent from the previous year. Just under half of those complaints were referred for follow-up inspec-tion. About 80 of these led to an investigation by ASIC.
ASIC also scored more than 20 enforceable undertakings, including Westpac and Suncorp Met-way regarding disclosure of commissions and compliance issues.
More than 1000 prospectuses were lodged with ASIC in the year to June 30, a 46 per cent jump on the previous year.
Recommended for you
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
Four months after making its first equity partnership, the Australian Wealth Advisors Group has taken a second stake in a regional Victorian advice and accountancy firm.
