In a statement, ASIC said it had banned the former director of Olive Financial Markets, Scott Morrison, from financial services for seven years.
Mr Morrison was the director of Olive Financial Markets from 2013 to 2019, and ASIC found he had failed to act in the best interests of the firm’s clients, was not competent to provide financial product advice, was likely to contravene financial services law, and was involved in misleading or deceptive conduct on the firm’s behalf.
The firm, which was involved in the provision of managed discretionary accounts and super rollovers, also had its licence cancelled by ASIC on 16 March. However, Olive applied for a review and stay of ASIC’s decision the following day, and as a result the AAT granted the stay on 23 April.
The conditions of the stay were that Olive not accept any new clients while the tribunal was reviewing ASIC’s decision, and that Olive notify its clients of the situation with the ASIC case.
In cancelling Olive’s licence, ASIC found the firm had failed to ensure it provided financial services fairly, honestly and efficiently; had engaged in unconscionable conduct; had engaged in misleading or deceptive conduct; had failed to take reasonable steps to ensure its authorised representatives acted in clients’ best interests; did not ensure its representatives were adequately trained; and did not have a compliant dispute resolution system.
It had also breached hawking prohibitions, as its super rollover business involved authorised representatives making cold calls to clients and advising they roll over their super from their existing fund to one managed by Olive on the HUB24 or Netwealth Investments platforms, ASIC said.
where is Mitch Cator in all of this he was the one behind Camori and all the companies?
Takes more the one brain to work a lightbulb
Excellent comments above. IFA should be promoting our values not spotlighting the few blacksheep that let everyone down, especially their clients.
He has really kicked on since becoming PM…!
Poor Sco MO, he can’t even run a financial advisory business in peace!
Hey, Wanna know a secret ? We don’t give a shit about dodgy advisers being caught doing dodgy stuff, good riddance as far as we are concerned. Now if you happen to stumble across a wicked advice story, one where the adviser went over and above yielding a fantastic outcome for a well deserved client, you’re more than welcome to share that under the banner of ***Newsflash*** IFA Reports on GOOD news story that’ll melt your heart !
Yours sincerely
Ben
Good call Ben
Weary wonderer, you are absolutely spot on! Lets start getting some good news stories out there. Oh, hang on, that’s right, there aren’t any at the moment are there?! Come on guys, lets get some positivity into these comments. Like the clients I spoke with earlier this week who are now going to be eligible for Age Pension and DSP (most likely) who weren’t any where near eligible prior to our discussion. Not such a big deal for me but they were in tears of happiness by the conclusion of the meeting. And, I’ll happily pre-complete the applications for them in my own time. WE DO GOOD STUFF FOR GOOD PEOPLE!
Be careful Ben. You run the risk of being labelled a dinosaur ! Apparently we have all be acting unethically and unprofessionally until some enlightened ones have set us straight ???
Sco Mo banned wtf?
No byline on this article, but nice one, dragging Netwealth and Hub 24 into this tawdry mess. Were any other financial services companies in any way attached to this fellow (bank? accountinants? etc) that you could also attempt to blacken??? What car did he drive? What suit did he wear? Surely you can do better than this rubbish..
probably relevant given Netwealth and Hub24 were quite happy to see the FUM accumulate, regardless.
Not the first time these 2 groups have seen bad advisers accumulate FUM faster than they probably should have with nothing to see here attitude!
Hub24 and Netwealth must have known what Mich Cator and Scott were up to, but appeared to have turned a blind eye to it. Superfunds cant keep turning a blind eye to advisers knowingly ripping off clients….
as if that guy’s life wasn’t troublesome enough being called Scott Morrison!