In March, the Australian Securities and Investments Commission (ASIC) placed enforced conditions on the licence of NSW-based Lionsgate Financial Group, which currently has 101 corporate and authorised representatives, according to the ASIC website.
The regulator has now permanently banned former Lionsgate rep Bradley John Lofts for providing “inappropriate and unreasonable advice”.
Mr Lofts, from Brisbane, had been a director of McLofts Pty Ltd, traded as Sterling Financial Strategies, and operated a financial services business from offices in Townsville, Ayr and Brisbane, ASIC stated.
ASIC said Mr Lofts provided inappropriate and unreasonable advice to 50 clients without determining the clients' personal circumstances during his time at Lionsgate, between October 2010 and January 2012, and in a subsequent role as an authorised representative of Synchronised Business Services where he worked for less than six weeks in June and July 2012.
ASIC also found Mr Lofts sold ASX-listed shares on behalf of seven clients when he was not licensed or authorised to do so on 33 separate occasions between 25 January 2012 and 7 June 2012.
ASIC said Mr Lofts has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
