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.
Amendments to superannuation law introduced in October have not yet progressed through Parliament. ...
The investment platform has added 12 ESG-focused investment options to its menu in an effort to meet growing adviser and client needs. ...
An ex-bank adviser’s financial services ban has been varied by the Administrative Appeals Tribunal. ...
Get notifications in real time and stay up to date with content that matters to you.
