ASIC has permanently banned a Queensland-based financial adviser and cancelled the AFSL of Financial Options.
William John Henry Houwing (known as Jack Houwing) was a director and authorised representative of Financial Options. ASIC found that between 31 August 2006 and 15 May 2019, Mr Houwing arranged for clients to lend money to his related entities.
Those entities included Belbrooke as trustee for the Belbrooke Administration Trust; Belbrooke as trustee for the Belbrooke Mortgage Trust; and Ochkit as trustee for the Houwing Family Trust.
ASIC found that Mr Houwing failed to act in the best interests of his clients, is not of good fame or character, and is not adequately trained or competent to provide financial services.
“The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients’ interests over their own, not only harms their clients but also erodes public trust in the financial system,” said ASIC commissioner Danielle Press.
“ASIC expects financial advisers to uphold the values of integrity and professionalism.”
Mr Houwing and Financial Options have the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.
FASEA has come under scrutiny from a parliamentary committee for its treatment o...
ASIC must overhaul the way it engages with advisers to focus on proactive educat...
ASIC needs to work harder and more efficiently if it wants to reduce fees and im...