Sydney financial adviser gets 3-year ban
A former Sydney financial adviser has been banned for three years following an ASIC investigation that found she had engaged in misleading and deceptive conduct.
ASIC announced today that it banned Keira Jane Keegan, a former representative of Protect Ensure, from providing financial services.
Ms Keegan had worked in Protect Ensure’s Sydney office and acted as a representative for the company between 12 November 2013 and 15 December 2014.
ASIC said an investigation found that Ms Keegan had recommended clients invest in financial products issued by Protect Ensure, and saying they were “a conservative and low risk option”.
However, those products were in fact unsecured and represented a high risk investment, ASIC said, and partly due to Ms Keegan’s actions, clients’ funds were used improperly, such as to pay Protect Ensure’s business related expenses.
Some investors lost their invested funds entirely, according to the statement.
ASIC deputy chairman Peter Kell said, “ASIC will take action against financial advisers who mislead their clients.
“We will investigate and take action of such conduct to ensure that consumers have confidence in the financial system.”
ASIC cancelled the AFSL of Protect Ensure on 15 December 2014 for “not having adequate financial resources to provide the services covered by the licence and to carry out supervisory arrangements”.
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