A South Australian planner who advised clients on their home loans by investing in the failed Westpoint Group has been banned by the corporate watchdog.
Russell Barry Collins-McBride of Seaview Downs, South Australia, has been banned from providing financial advice for two years by the ASIC.
Collins-McBride provided financial services in a manner that he was not authorised to do so, ASIC said.
He operated a franchise of finance company Power Loan at the Marion Shopping Centre from March 2005.
Collins-McBride advised potential clients of products which could deliver a return that beat the interest they pay on their home loans.
Those products included Westpoint investments in Emu Brewery Mezzanine and Mount Street Promissory Notes, as well as Prime Retirement and Aged Care Property Trust and Kebbel Development Capital Fund no 2 – Mount Gilead Trust.
Collins-McBride became an authorised representative following ASIC’s investigation but has his authority withdrawn shortly after.
