ASIC has announced it banned two former financial advisers after an investigation found they had provided poor and unlicensed advice.
According to a statement from the regulator, David Heycock has been banned for six years while Stuart Arnold-Levy has been banned for four years from providing financial advice.
Mr Heycock was the director of Corporate Superannuation Pty Ltd, which traded under the business name MySuperMan and was based in Carlton, Victoria. Mr Arnold-Levy was an employee at the company before becoming the director, the statement said.
Both Mr Heycock and Mr Arnold-Levy were authorised representatives of AMP’s Charter Financial licensee until 28 March 2014.
In an investigation focused on the period between 2013 and 2015, ASIC said it found Mr Heycock had operated a financial services business and provided financial advice without holding an AFSL.
He also provided financial advice that was not in clients’ best interests or appropriate for their situation, ASIC said, in addition to failing to provide statements of advice and disclosure of potentially conflicted remuneration.
Mr Arnold-Levy breached the Corporations Act for being aware of Mr Heycock’s unlicensed conduct and for providing advice that was not in clients’ best interests.
Both Mr Arnold-Levy and Mr Heycock have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC added it commenced an investigation after it received a breach notification from Dover Financial Advisers.
This outcome is a result of ASIC's Wealth Management Project, which has seen 36 advisers banned from the financial services industry.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all