The Property Investment Professionals of Australia (PIPA) has suspended one of its members after the Australian Securities and Investments Commission (ASIC) found him guilty of providing unlawful SMSF advice.
In a statement released today, PIPA announced that former Money Choices director Matt George has been suspended from membership of the organisation following his ban from providing financial and credit services last week.
PIPA chair Ben Kingsley said the association will now be conducting its own investigation into the matter, following the release of the findings of ASIC’s own investigation.
“PIPA will not tolerate any member who acts unlawfully and not within the best interests of their clients,” he said.
“Mr George has been issued with a suspension notice and will face a possible expulsion following further investigations.
“Under our constitution, Money Choice and Mr George as sole director may also face financial penalties for wilfully refusing or neglecting to comply with the provisions of the constitution or if found guilty of conduct which in the opinion of the board is prejudicial to the interests of the company."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Sep 2017ASIC permanently bans unlicensed SMSF spruikerBy Staff Reporter
- 22 Sep 2017Advisers recognised at Women in Finance AwardsBy Staff Reporter
- 21 Sep 2017Advisers not fully aware of LIF impacts: ZurichBy Staff Reporter
- 21 Sep 2017Red tape forces SMEs to cut staffBy Adam Zuchetti and Aleks Vickovich
- 21 Sep 2017Bitcoin 'dangerous and speculative', says MagellanBy Tim Stewart
- 20 Sep 2017ANZ calls for adviser transparencyBy Killian Plastow
- view all