A Queensland-based financial adviser has been banned from providing financial services for four years, after the company he was the sole director of had its AFS licence cancelled.
On Monday, ASIC confirmed the banning of Frederick Steven Ackerman of Pure Strategy, which had its licence cancelled on 16 September due to its failure to comply with its general obligations.
“ASIC found that Pure Strategy failed to have adequate resources to carry out a financial services business, failed to maintain competence to provide the financial services under its licence, and failed to ensure its representatives complied with financial services laws,” the corporate regulator said in a statement.
“Pure Strategy also failed to comply with its licence condition to have a ‘key person’.”
Mr Ackerman was found to have failed to act in the best interests of his clients and at times failed to identify clients’ financial situation and needs and identify the matter of the advice sought.
He was also found to have not at times base all of his judgments on his client’s circumstances and put his clients “in a better position” if they followed his advice.
ASIC concluded that Mr Ackerman “is neither competent nor a fit and proper person to provide a financial service”.
Mr Ackerman and Pure Strategy can seek a review of ASIC’s decision through the Administrative Appeals Tribunal.
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