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.
News
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- 22 Jan 2019BT releases 6 ‘core’ managed portfoliosBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- view all
