Sydney former adviser banned for six years
The Australian Securities and Investments Commission (ASIC) has banned a Sydney man, formerly an adviser at Kaz Capital, from providing financial services for six years, after finding that he had attempted to mislead the share market regarding prices.
Specifically, the regulator found that David Stephen Cornford had attempted to mislead the share market, taking part in both transactions that created or maintained an artificial trading price for shares, or were likely to, and acts that created, or were likely to, a false or misleading appearance to the market for shares or their prices.
ASIC also found that Cornford had provided a financial service that the licence of Kaz Capital didn’t cover when he was employed there from 2014 – 2017. This came in the wake of ASIC imposing licence conditions on Kaz Capital earlier this year, following concerns about the adequacy and effectiveness of its compliance framework.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.