Hobart adviser banned

ASIC found that while David Horton was an authorised representative of Meritum Financial Group he failed to provide financial advice that was appropriate and in the best interests of his clients and to keep proper records. ASIC also found that Mr Horton was not competent and was not adequately trained to provide financial services.

Mr Horton advised a number of clients to double gear their investments. ASIC found that Mr Horton had no regard for clients’ personal circumstances, cash flow position, or their ability to cover margin calls.

ASIC also found that Mr Horton provided unlicensed advice to some clients after taking an administrative role at FF Planning Solutions in 2017. Mr Horton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.