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Former Lionsgate adviser permanently banned

A former Queensland-based authorised representative of Lionsgate Financial Group has been permanently banned after an investigation found inappropriate and unreasonable advice.

According to a statement from ASIC, Bradley John Lofts – a former director of McLofts Pty Ltd, trading as Sterling Financial Strategies – has been permanently banned from providing financial services.

An ASIC investigation found that Mr Lofts had provided “inappropriate advice” to more than 50 clients without determining their financial circumstances between October 2010 and August 2012, when he was an authorised representative of Lionsgate.

The investigation also found that Mr Lofts had sold ASX-listed shares on behalf of clients without authorisation to do so.

More to come.