Westpoint aftershocks continue
A Sydney financial adviser who allegedly recommended Westpoint products to investors has been banned from providing financial services for five years, following an Australian Securities and Investments Commission (ASIC) investigation.
ASIC alleged that Andy Shen-En Chen, the former director and secretary of Investpoint in St Leonards, provided advice to clients about investing in Westpoint products that was misleading or deceptive or likely to mislead or deceive. ASIC claimed Chen breached his obligation to have a reasonable basis for the advice he gave and to act in his clients’ best interests.
Chen has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Fifteen banning briefs in relation to advisers who advised on Westpoint products are currently under consideration.
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
