The corporate regulator has handed down a five-year banning order to a Queensland-based financial adviser and former RBS Morgans authorised representative.
ASIC has banned David Neil Wilkins of Springwood, Queensland, from providing financial services for a period of five years and being found to have engaged in misleading conduct.
At the time of the misconduct, Mr Wilkins was an authorised representative of RBS Morgans and was subsequently licensed by Romad Financial Services – which had its licence cancelled in 2011 – and MDS Financial Planning, according to ASIC documents.
An ASIC investigation found that Mr Wilkins had “provided inappropriate advice to clients about trading in options and failed to make appropriate inquiries about the relevant personal circumstances of those clients”.
He was also found to have “engaged in conduct regarding a financial product or a financial service that was misleading or likely to mislead by representing that options trading carried little to no risk”.
ASIC deputy chairman Peter Kell said the case was a reminder that “trading in options is complex, can be very risky and is not appropriate for all clients”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Aug 2017Former ANZ adviser banned for lifeBy Staff Reporter
- 23 Aug 2017Industry veteran joins Bondi boutique’s boardBy Aleks Vickovich
- 23 Aug 2017Invest in next generation, says AWSBy Staff Reporter
- 22 Aug 2017O’Dwyer announces EDR transition panelBy Staff Reporter
- 23 Aug 2017ASIC reveals recent enforcement activityBy Larissa Waterson
- 22 Aug 2017Advisers must become ‘lifestyle coaches’: ZurichBy Jessica Yun
- view all