Two more WA advisers pulled up
Gregory Clements and Neil Manning have appeared in the Perth Magistrates Court as the result of an Australian Securities and Investments Commission (ASIC) investigation that alleged they provided financial advice without holding an Australian Financial Services Licence (AFSL).
The alleged breaches occurred over 2002 and 2003 when both men were representing an organisation called EC Trust Co. During this period, Clements and Manning were able to attract around $1.5 million from 17 investors in or through EC Trust Co after advising them the investment would bring returns in excess of 50 per cent with a minimum guaranteed return of 9 per cent.
At the time Clements was an authorised representative of the National Australia Bank (NAB) and was offering financial planning services in this capacity. However his role with EC Trust Co was not associated to his position at the bank, and the investment fund he was promoting was not one that was authorised by NAB. Clements ceased to be employed by NAB in January 2003.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and both men have been remanded on bail to reappear in the Perth Magistrates Court on June 9 of this year.
Clements and Manning had already been banned from providing financial services by ASIC back in May 2004.
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.
