Sydney adviser banned
A Sydney-based financial adviser has been banned from providing financial services for three years.
The man, Daniel Robert Gara, of the Sydney suburb of Woollahra, was banned by the Australian Securities and Investments Commission (ASIC) from providing financial services for three years for failing to comply with financial services laws.
Gara was an authorised representative for Fundamental Group Pty Ltd, now in liquidation, and an Australian financial services licensee from October 2003 until July 2005 and was an authorised representative of Peppertree Financial Pty Ltd from November 2005.
ASIC found Gara had advised seven clients to invest a total of $863,720 into an individually managed account (IMA), which was a managed investment scheme operated by Fundamental Group, that he gave misleading and deceptive advice in that the advice erroneously led the investors to believe they would have legal title to the funds they invested in and that he acted negligently in advising the clients to invest in the IMA.
AUTHOR
Mike Taylor
Recommended for you
As Insignia Financial formally completes the separation of MLC from NAB, Money Management reflects back on how the acquisition came to be and where Insignia sees MLC going forward.
The Financial Services Council has made multiple recommendations to ASIC regarding exercising its powers around AFSLs to mitigate the risk of failing companies including greater capital requirements.
Advice licensee Centrepoint Alliance has announced a service partnership with self-managed superannuation fund solution provider SuperConcepts.
The Compensation Scheme of Last Resort says it has received over 200 claims for compensation relating to personal financial advice since its inception and detailed the specific recurring issues being raised by claimants.
