Former BT, AMP adviser banned

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.