William John Henry Houwing (known as Jack Houwing) was a director and authorised representative of Financial Options. ASIC found that between 31 August 2006 and 15 May 2019, Mr Houwing arranged for clients to lend money to his related entities.
Those entities included Belbrooke as trustee for the Belbrooke Administration Trust; Belbrooke as trustee for the Belbrooke Mortgage Trust; and Ochkit as trustee for the Houwing Family Trust.
ASIC found that Mr Houwing failed to act in the best interests of his clients, is not of good fame or character, and is not adequately trained or competent to provide financial services.
“The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients’ interests over their own, not only harms their clients but also erodes public trust in the financial system,” said ASIC commissioner Danielle Press.
“ASIC expects financial advisers to uphold the values of integrity and professionalism.”
Mr Houwing and Financial Options have the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
I had was a AR with them 20 odd years ago, I reported their actions to ASIC with documentation back then after seeing them in action, i left them and ASIC did NOTHING
I would like to hear from anyone out there that knows this adviser to find out the finer details on the issues at hand.
I’m really tired of hearing this adviser and that adviser is to be banned. Any person from the outside looking in would read all your banned adviser articles and immediately think we are all from the same cloth.
Why don’t you carry out some responsible journalism and present good news stories of the great work advisers do for their clients and offer a more balanced view. Perhaps set up an interview with a client of an adviser.
That’s right, that would actually require you do to some work rather than copy and paste from ASIC’s website.
Umm, how is Mr Houwing’s business any different to any of the banks or AMP ?
No different!
I wish ASIC would stop referring to individuals such as this as a Financial Adviser, there statement tells me he was not even close to using that title.
This is the ASIC statement[b]:[/b][b][/b]
“[i]The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients’ interests over their own, not only harms their clients but also erodes public trust in the financial system[/i][i][/i]”.
This is what the ASIC statement should have said if they weren’t dishonest and weren’t trying to tar all Advisers with the same brush[b]: [/b][b][/b]
“The failure of [b]this particular [/b][b][/b]financial adviser[s]s[/s][s][/s] to act in the best of interests of [b]his [/b][b][/b]client or to prioritise [b]his [/b][b][/b]clients’ interests over [b]his [/b][b][/b]own, not only harms [b]his [/b][b][/b]clients but also erodes public trust in the financial system”.
I mean, same same really? lol you’re just taking it personally because it’s our industry. I know my clients don’t associate me with being this kind of way, do yours? In all fairness the above statement more appropriately outlines to any clients that they have a right to speak up if someone is stealing money from them…
It really is this simple guys don’t steal money, lie or deceive and you’re fine. I have never once read an article EVER that said ASIC has banned or permanently banned anyone because a couple of their files didn’t fully show how the product or advice was appropriate.
If you are trying to do the right thing, you don’t have a systemic issue or you actually understand financial advice, it will show and it will be easy to defend?
Well said! Our industry was given ample opportunities to self-regulate and totally got it wrong!
Professionalism should never have been forced upon us – it should have been there from the beginning!
I hope you use a VPN and are in private mode anon
Sorry, why?…
Seriously? What a pathetic statement and unprofessional manner of conduct.