The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking (EU) from a former authorised representative of licensee Lotus Securities.
In a statement released yesterday, the corporate regulator revealed that Melbourne financial adviser James Thomas Banfield has entered into an EU which will prevent him from providing financial services for four years.
The move follows an ASIC investigation that found Mr Banfield submitted approximately 10 to 15 ‘change of adviser’ forms to Netwealth Investments on behalf of clients consenting to a transfer from WealthSure to Lotus that was unauthorised.
Under the terms of the EU, Mr Banfield has agreed to relinquish his role as a director, responsible manager and authorised representative of Lotus, as well as to refrain from dealing with any clients of an AFSL.
“Individuals like Mr Banfield have a responsibility to act honestly and in the best interests of clients at all times,” said ASIC commissioner Greg Tanzer.
“If they do not, we will act to ensure they are not able to provide financial services to consumers.”
Correction: this article previously referred to Mr Banfield as a former authorised representative of WealthSure, when in fact he was a former authorised representative of Lotus Securities who issued unauthorised change of adviser forms from WealthSure to Lotus.
The corporate regulator has cancelled the licence of three Queensland-based fina...
The majority of the company’s advisers have transferred to another licence as ...
ASIC has fired a warning shot at real estate agents providing unlicensed advice ...