ASIC has banned a Perth financial adviser who advised clients on Westpoint products.
ASIC has banned Perth financial adviser David William Roy from providing financial services for seven years.
Following an investigation by the corporate regulator, Roy engaged in misleading or deceptive conduct between 1998 and 2005 when making recommendations to clients.
ASIC found that Roy provided inappropriate advice in relation to Westpoint and other products. He also failed to conduct reasonable investigations into Westpoint and other products he recommended to clients.
Between 1995 and 2005, Roy provided financial planning services to clients as a representative of four licensees.
These licensees included Winthrop Securities from 1995 to 2001; Brighton Hall Securities from 2001 to 2002; Epic Asset Management from 2002 to 2003; and EAS (WA) from 2003 to 2005.
Roy provided financial services throughout the south west region of Western Australia, predominantly in the Margaret River and Busselton areas, before moving his business to Perth.
Fourteen licensed advisers and two unlicensed advisers who advised on Westpoint products have now been banned.
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