Unlicensed dealer restrained by ASIC

financial-advice/director/investments-commission/

27 August 2002
| By David Hovenden |

Macquarie Town Financial Planning director, John Michael Higgins, has been restrained by a Supreme Court injunction from providing financial products or services advice, or dealing with clients' funds, until further orders.

The order was made by Justice Windeyer in the Supreme Court after theAustralian Securities and Investments Commission(ASIC) became aware that Higgins was providing financial advice even though his authority to do so has been revoked.

Higgins was previously an adviser withGarrisonsPty Limited. Garrisons terminated his authority to provide advice on 12 March 2002 after discovering that Higgins had placed clients' money in his own business account.

ASIC’s director of enforcement, Allen Turton, says because of the regulators action, any clients of Higgins will be protected in their dealings with Macquarie Town Financial Planning.

The matter will next be heard in the Supreme Court on September 2, 2002.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS