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.
Financial advisers won’t get any relief from the $20 million subsector cap; however, the revised estimate for FY2025-26 ...
The corporate regulator said it is “considering what options” it has to hold super trustees, such as Macquarie and ...
In what Wealth Data has described as a “bloodbath”, adviser losses for the end of June have come in 143 per cent higher ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin