Former Power Loan director banned

21 April 2008 | by George Liondis

The former director of Power Loan has been banned from providing financial services for five years, following an investigation by the Australian Securities and Investments Commission (ASIC).

Stephen McArdle was a director of a number of companies operating under the Power Loan banner, including Power Financial Planning, Power Franchise and National Finance.

According to ASIC, from November 2004 McArdle negotiated agreements on behalf of Power Financial Planning with Kebbel Securities, enabling him to earn commissions on investments made by clients in various financial products promoted by Kebbel, including Westpoint investments in Emu Brewery Mezzanine and Mount Street Promissory Notes.

Clients invested over $10 Million into McArdle’s businesses, for which Power Financial Planning received a 3 per cent commission, amounting to over $310,000.

It was also alleged that McArdle and Power Financial Planning did not hold an Australian Financial Services Licence during this period.

Add a comment

Tags: ban

Just in:

Add a new comment

Name *

Email *

Comment *

Security Code *

Enter the code shown:

Subscribe to our free daily newsletter

More jobs...

2010 Financial Services Taxation Conference
11 February 2010 | Hyatt Regency, Sanctuary Cove, QLD
AFA GenXt Roadshow
11 February 2010 | Brisbane
Morningstar Research Roadshow
15 February 2010 |
2010 Markets Summit
16 February 2010 | Australian Technology Park, Sydney
SPAA National Conference
17 February 2010 | Melbourne Convention and Exhibition Centre

1MM-AdviserPenalties Are penalties against advisers enforced by ASIC stringent enough and do they deter bad practice?

Yes, they are stringent enough and act as a deterrent against bad practice and unethical behaviour.
	9%
Yes, but they are not enough of a deterrent.
	5%
Yes, but there should be a register of those who have breached the law.
	16%
No, they achieve nothing as recalcitrant advisers can simply set-up again after a few years.
	70%