The corporate regulator has banned a former Macquarie Equities representative after an investigation found he had provided inappropriate advice and created false records.
According to ASIC, Nicholas Kerr of Carindale, Queensland, has been banned for five years after he was found to have engaged in unauthorised discretionary trading on his client accounts.
Mr Kerr was a representative of Macquarie Equities Limited (MEL) from March 2008 to August 2013.
ASIC's investigation found that during the period in which Mr Kerr was a representative of MEL, he engaged in discretionary trading on five client accounts. MEL has prohibited its representatives from engaging in discretionary trading on behalf of clients since 2004.
The regulator said Mr Kerr breached financial services laws by representing to those clients that he was authorised by MEL to operate a discretionary trading account in circumstances where he was not.
ASIC also found that Mr Kerr created records on behalf of clients that falsely indicated he had provided advice to the clients prior to trading when he had not, in circumstances where he had engaged in unauthorised discretionary trading.
In addition, ASIC's investigation found that advice Mr Kerr provided to five of his clients was not appropriate to those clients, having regard to their personal circumstances.
ASIC commissioner Peter Kell said, "Investors should feel confident that financial advisers are acting within the authority given to them by their licensee at all times and appropriately considering their interests. ASIC will act to remove advisers who fail to do so."
Mr Kerr has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 23 Oct 2017IFAs drive exchange-traded bond demandBy Jessica Yun
- 23 Oct 2017Fiducian prepares for leadership transitionBy Staff Reporter
- 23 Oct 2017Industry association for insurance tech launchesBy Staff Reporter
- 23 Oct 2017Instos ‘struggling’ with IFA ascendancyBy Aleks Vickovich
- 23 Oct 2017CBA bosses accused of incompetenceBy Aleks Vickovich
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- view all