The corporate regulator has banned New Zealand-based Geoffrey Woodcock from providing financial services for four years for promoting Australian financial products without an Australian Financial Services Licence (AFSL).
ASIC found that between November 2011 and October 2013, Mr Woodcock had promoted a number of Australian alternative investments through his companies, Capital Alternatives and Velvet Assets.
Neither of these companies, nor Mr Woodcock himself, held an AFSL during this time, contravening the Corporations Act, ASIC said.
Mr Woodcock was also found to have “personally induced clients to invest by failing to disclose that around 40 to 45 per cent of the money invested would be retained as commission”, ASIC added.
“The Australian financial services licensing regime provides safeguards; consumers should not invest with a person or entity in Australia unless they are authorised by, or hold, an AFS licence,” said ASIC commissoner Greg Tanzer.
Mr Woodcock has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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