ASIC has handed down a three-year ban to Jason Sean Atkins for SMSF advice-related breaches of the best interests duty.
Mr Atkins was an authorised representative of Westpac-aligned Magnitude Group from 11 May 2015 to 11 December 2015 and an authorised representative of AMP’s now-defunct Genesys Wealth Advisers from 14 June 2013 to 8 May 2015.
The former BT and AMP adviser was found to have recommended a client establish an SMSF and use limited recourse borrowing arrangements to fund the purchase of real property – advice the regulator says was in breach of the best interests duty introduced under FOFA.
ASIC was unsatisfied that Mr Atkins conducted a “reasonable investigation into the financial products that might achieve the objectives and meet the needs of the client” and that he understood his regulatory obligations.
The ban comes as part of ASIC’s Wealth Management Project looking into the six largest financial advice providers.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- 17 Aug 2017Formerly banned adviser to face further ASIC chargesBy Staff Reporter
- 16 Aug 2017Challenger announces ‘strategic relationship’ with Japanese insurerBy Staff Reporter
- 16 Aug 2017Income protection insurance launched for on-demand workersBy Staff Reporter
- 17 Aug 2017New evidence for self-licensing surgeBy Aleks Vickovich and Linda Santacruz
- 16 Aug 2017RegTech to reduce adviser misconductBy Aleks Vickovich and Larissa Waterson
- view all