The Westpoint fall-out continues as another adviser is barred from the industry.
ASIC has banned a Gold Coast man for providing unlicensed advice in relation to Westpoint products.
During November 2002 and September 2003, Russel Sheppard provided advice to clients on Westpoint products without holding an Australian Financial Services Licence (AFSL).
During this period, ASIC found that Sheppard failed to provide statements of advice to clients and to disclose commissions received.
Sheppard became an authorised representative between September 2003 and July 2004, however by that time his clients "had suffered losses that were significant," an ASIC statement said.
Sheppard has been prohibited from providing advice for eight years.
ASIC has now banned 15 licensed advisers and three unlicensed advisers who pushed Westpoint products.
Retirees face the risk of running out of money. We asked Macquarie Funds Group's head of longevity risk solutions Andrew Robertson how this can be avoided.... Watch»
Many in the industry would have been bogged down in submissions given the plethora of government reviews. Next year it will be the government's turn to act on the reviews. ... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
