The corporate regulator has announced it accepted an enforceable undertaking from a former Macquarie Equities financial adviser, which will see him stop providing financial services for four years.
According to a statement yesterday, ASIC was concerned that during the period between July 2007 and June 2013, Anthony Wilson had provided advice that did not meet the standards required of a financial adviser.
ASIC believes Mr Wilson may have misled clients into believing he was authorised to undertake discretionary trading in circumstances where he was not authorised to do so.
He also may have “caused false entries to be made in Macquarie’s trading system creating the appearance that he had spoken with clients before he executed trades and failed to ensure the advice provided to this clients was appropriate given the clients’ level of sophistication, risk tolerance and objectives”, ASIC said.
Mr Wilson has acknowledged ASIC’s concerns and considers them “reasonably held”, according to the statement.
ASIC deputy chairman Peter Kell said, “Consumers need to have confidence and trust in their financial advisers.
“ASIC will use all regulatory means available to protect consumers from financial advisers who don't meet the standards expected by the community.”
The EU follows an ASIC review of the advice provided by Mr Wilson as part of the Wealth Management Project. ASIC accepted the EU as an alternative to taking administrative action against Mr Wilson, the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:00CFS ‘retained’ adviser commissions: RCBy Killian Plastow and Tim Stewart
- 09:55Suncorp urged advisers to maintain commissionsBy Jessica Yun
- 09:50Hostplus spent $260,000 on tennis ticketsBy Tim Stewart
- 14 Aug 2018RC challenges NAB on ASIC interactionsBy Killian Plastow
- 14 Aug 2018Judgement issued in DomaCom SMSF appealBy Miranda Brownlee
- 14 Aug 2018Hub24 agrees to distribute Challenger annuitiesBy Reporter
- view all