A former financial adviser has been hit with a five year ban.
ASIC announced on Wednesday that it has banned Adam John Bevan, who was an authorised representative of Gold Coast-based financial services licensee Trade Wind Financial Services from July 2017 to May 2020 - from providing financial services, controlling a financial services business, or performing any function in relation to carrying on a financial services business.
The corporate regulator found that Mr Bevan, who was also the sole director of Trade Wind, “failed to act in the best interests of three Trade Wind FS clients when he failed to make reasonable enquiries about their existing superannuation funds and when he did not put in place measures to ensure their funds were transferred in accordance with his advice”.
ASIC has also cancelled the AFS license of Trade Wind “due to a failure by Trade Wind FS to co-operate with the Australian Financial Complaints Authority and pay two AFCA determinations on time”.
The company also did not lodge its 2019 and 2020 audited financial accounts and comply with “several” licence conditions, including failing to notify ASIC of the change in the key person for the AFS licence.
Mr Bevan has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
Dimensional has announced the launch of one of the first local funds to apply an ESG filter to emerging markets. ...
Prime Minister Scott Morrison has said reinstating JobKeeper would not be a solution to the immediate assistance required by business in the...