According to a statement from the regulator, David Heycock has been banned for six years while Stuart Arnold-Levy has been banned for four years from providing financial advice.
Mr Heycock was the director of Corporate Superannuation Pty Ltd, which traded under the business name MySuperMan and was based in Carlton, Victoria. Mr Arnold-Levy was an employee at the company before becoming the director, the statement said.
Both Mr Heycock and Mr Arnold-Levy were authorised representatives of AMP’s Charter Financial licensee until 28 March 2014.
In an investigation focused on the period between 2013 and 2015, ASIC said it found Mr Heycock had operated a financial services business and provided financial advice without holding an AFSL.
He also provided financial advice that was not in clients’ best interests or appropriate for their situation, ASIC said, in addition to failing to provide statements of advice and disclosure of potentially conflicted remuneration.
Mr Arnold-Levy breached the Corporations Act for being aware of Mr Heycock’s unlicensed conduct and for providing advice that was not in clients’ best interests.
Both Mr Arnold-Levy and Mr Heycock have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC added it commenced an investigation after it received a breach notification from Dover Financial Advisers.
This outcome is a result of ASIC’s Wealth Management Project, which has seen 36 advisers banned from the financial services industry.
Were either of them bankrupt?
funny would not the dealer group have known from day one they did not hold an AFSL. Has the Dealer group been dealt with?
Interesting to see what they are both doing now. Both flogging property to investors. Is this advice? If so it just proves how useless ASIC is in protecting clients. They just pad their stats to say they banned an adviser and ignore that the banned adviser just moves to another industry and continues to give bad advice.
Can I be banned from sky-diving please…….I’m terrified of heights.
This is most unusual as the ASIC did not follow up on a rogue adviser a few years back because he retired from the industry and never exposed as such.Does the ASIC go after former advisers or not???
Banning the “advisers” for undertaking activities they are not licensed for is as ridiculous as banning a driver for unlicensed driving.
“Your punishment for doing something that you were not allowed to do, is to not be allowed to do the activity you were doing that you shouldn’t have been”
Yes it beats me that this sort of behaviour is still going on.
How can they be ‘Advisers’-when they were not licensed?
And how are they banned from something they werent in the first place??