The corporate regulator has banned Lawrence Toledo, an authorised representative of privately-owned Sentinel Private Wealth, for a period of seven years for failing to act in the best interests of his clients.
ASIC found Mr Toledo had failed to act in his clients’ best interests when advising them to create a self-managed super fund in order to purchase property, and failed to “provide advice appropriate to the clients”.
“Financial advisers have a clear duty to act in their clients' best interests,” said ASIC deputy chair Peter Kell.
“In some cases, advice to establish an SMSF for the sole purpose of purchasing a property may not be in a client's best interests, particularly where the SMSF borrows funds to enable the purchase.”
ASIC’s surveillance of Mr Toledo examined a number of client files from his work with Sentinel Private Wealth, where he commenced in March 2014.
Mr Toledo’ has a right to appeal the banning through the Administrative Appeals Tribunal.
SUBSCRIBE TO THE IFA DAILY BULLETIN
23 Nov 2017FPA releases fintech whitepaperBy Killian Plastow
23 Nov 2017NowInfinity appoints new national sales directorBy Staff Reporter
23 Nov 2017CPA saga ‘spooks’ TPB approvalsBy Aleks Vickovich
23 Nov 2017Beware disruption ‘hype’, FinPal warns advisersBy Aleks Vickovich
22 Nov 2017Vanguard announces new ETF suiteBy Staff Reporter
22 Nov 2017ASIC cancels AFSL of Financial StewardsBy Staff Reporter
- view all