Sydney planner permanently banned
Sydney-based financial adviser, Gavin Fineff, has been permanently banned from providing any financial services, controlling a financial services business, or performing any function involved in carrying on a financial services business by the corporate regulator.
The Australian Securities and Investments Commission (ASIC) found Fineff misused his position for personal gain which deprived clients and others of their funds.
He also engaged in misleading and dishonest conduct where he sourced over $5 million from clients and individuals as loans and, without their knowledge, gambled and lost a significant amount of those funds.
Fineff was an authorised representative of Sentinel Wealth Management from 12 December, 2011, to 20 March, 2020. He was also a responsible manager under Sentinel’s Australian financial services licence from 12 November, 2015, to 20 March, 2020.
ASIC said it also found Fineff was providing financial services outside of his authorisation from Sentinel and that he had acted in conflict, and competed, with Sentinel.
ASIC found Mr Fineff:
- Breached financial services laws by failing to act in the best interests of his clients and engaging in unlicensed conduct;
- Is likely to breach financial services laws in the future;
- Is not adequately trained or competent to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business; and
- Is not a fit and proper person to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
