Jim Pavlidis has copped the ban after a review of his advice between 2004 and 2018 found that he failed to provide advice that was in the best interests of his clients as well as to keep proper records.
He was an authorised representative of Consultum Financial Advisers from January to October 2018 and Meritum Financial Group from April 2004 to January 2018.
The regulator ruled Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.
ASIC also found that Mr Pavlidis was not adequately trained and did not have a proper understanding of the requirements to competently provide financial services.
Mr Pavlidis began working in the financial services industry in 1986. He is currently not working in the sector.
The banning of Mr Pavlidis will be recorded on ASIC’s Financial Advisers Register and the Banned and Disqualified Persons Register.
Mr Pavlidis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
What was the compliance department doing during this period of inappropriate advice? Can the Compliance Department please send his 6 monthly compliance reports to the regulator? Or were they asleep on the job? Or did they turn a ‘blind eye’ because he was meeting his sales targets? Wasn’t the CEO of IOOF a star witness at the Royal Commission? Please explain IOOF?
I get the impression this is an investigation of the licensee as the dates with the so called adviser seem to line up. There’s a lot missing to this story, as raised by the many points my colleagues raise in their comments.
Meanwhile Melissa Caddick stole $20 million right under ASIC nose and they only investigated after an advisor gave them a heads up.
She wasn’t licenced.
but she was flagged to the Corp Cops
what’s the point..? ruin a mans reputation..?
Seems fair!
Yes. And fair enough too.
Someone needs to tell “Jim” his Linked In profile needs a refresh.
Jim Pavlidis
2nd degree connection2nd
Principal Financial Planner – CBD Advisory
Greater Sydney Area 114 connections Contact info
CBD Advisory
University of Technology,
That is actually another Breach. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 restricted the use of the term “Financial Planner ” from 1 January 2019. ASIC are you listening??
Not defending this guy as I know nothing about the circumstances, BUT can anyone please explain to me how what he did is so different to intrafund advice during that exact same period or the industry fund rep’s and industry fund telephone operators who during that exact same period would do the same via a telephone call and not call it advice?
This adviser supposedly “failed” to provide advice in the best interests of clients and keep proper records
from 2004 up till 2018. But that is 14 years!
What was his licensee and ASIC doing in all that time? If you ask me, that’s not the advisers fault, that is a dereliction of duty by both those organisations.
Also not properly trained and couldn’t adequately provide financial services?
But that’s alright, you can come back in 3 years!
What an indictment on the whole system when someone can go that long before they are found out.
No wonder the financial services sector is in trouble.
yes, the AFSL needs to be questioned.
That was the ANZ Dealerships way… But it’s alright, the same people are now running IOOF’s advice businesses. How coud that possibly go wrong?
I agree with your point re the ANZ infestation at IOOF, but in this case 17 of 18 years of bad deeds were at the NAB owned Meritum, not Consultum.
One can only assume he was only reviewed once he left. they were happy for him to do whatever he was doing whilst he made money for them, but don’t you dare leave.
22 years in the industry and deemed not competent, wow!!
That would apply to a large percentage of the industry.
Has he passed the FAESA exam yet?
Still waiting for the headline.. ASIC bans the Head of ASIC Mr. Shipton for failing the Best Interest Duty, Conflicted Remuneration and Conflict of Interest and Failing to Provide Documents to the Authorities when requested.
Never happen…
Couldn’t agree more. What a farce when the appointed head of ASIC behaves in this way.
And they are moving the FASEA responsibilities to ASIC . OMG.
Good work ASIC, he hasnt been an adviser since 2018, you expertly managed to ban the adviser, who isnt and doesnt want to be an adviser anyway …
No licensee would take him; courts take longer than corporates.
Have read this comment to the office and had a good laugh.