An investigation by the regulator found Mr Logan breached numerous financial services laws as a director and sole employee of Shore Capital Pty Ltd.
“ASIC’s investigation found that between April 2011 and June 2013, Shore Capital, trading as Coast Capital, traded in contracts for difference on behalf of retail clients when it was not authorised to do so,” ASIC said.
“Shore Capital initially traded on behalf of retail clients without holding an Australian financial services licence,” it said.
“It later traded on behalf of retail clients when it held an AFS licence for the provision of services to wholesale customers only,” ASIC said.
Mr Logan made numerous false or misleading representations to Shore Capital clients as Shore Capital’s authorisation to provide financial services, and the fees charged by Shore Capital.
ASIC deputy chairman Peter Kell said, ‘The investing public needs to be able to trust those who provide financial services. ASIC will act to ensure those who behave without regard to their obligations to their clients will be removed from the financial services industry.’
Shore Capital’s AFS licence was cancelled on 16 October 2014 as it no longer operates a financial services business.
Mr Logan and Shore Capital have a right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
He had a license, but gave advice prior to getting it, seems the real problem was around misleading representations about what he was authorised to advise on, and fees (following getting a license). The clincher is that his license was cancelled, not because of the above but because it was no longer being used?
Chances are that if he was still practicing he would have got an enforcable undertaking.
to be fair, it is asic that calls them “advisers”, the article just quotes them. they should know better!
Yep could not agree more,BC. Yet this publication and others still refer to them as Adviser’s.
geez, I had no licence and now you’re cancelling that licence I didn’t have for seven years? Bummer!
I guess that puts me back to where was yesterday?
Isn’t this like banning someone from getting a driving licence because they were driving without a licence?
Why would they care?