ASIC permanently bans former Melbourne manager
The Australian Securities and Investments Commission (ASIC) has permanently banned Melbourne former responsible manager, Anthony David Wynd, from providing financial services due to his connection to the misconduct of Financial Circle.
Wynd was the sole director and responsible manager of Financial Circle, a financial services and credit business ordered by the Federal Court to pay $8,980,000 in total penalties after contravening financial services, credit and consumer protection laws.
According to the regulator, the provision of financial services was appropriate given Wynd’s position at Financial Circle, his connection to that misconduct, the seriousness of that misconduct and the likelihood that Wynd would contravene a financial services law in the future.
ASIC said that the permanent banning took effect from 13 August 2019 and on 15 August 2019, Wynd applied to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision to permanently ban him from providing financial services.
At that time, Wynd also applied for a stay of ASIC’s decision from taking effect and a stay of ASIC issuing a media release regarding ASIC’s financial services banning decision.
However, the AAT refused Wynd’s application for a stay of ASIC’s financial services banning decision from taking effect in November, 2019.
Following this, the AAT made orders prohibiting ASIC from publishing ASIC’s decision to permanently ban Wynd from providing financial services until further order of the AAT and on 22 June 2020, the AAT made orders vacating the prohibition on ASIC publishing its financial services banning decision.
Financial Circle’s Australian financial services licence (AFSL) was cancelled on 19 November 2018.
Recommended for you
ASIC has cancelled the AFSL of a Gold Coast advice firm, its tenth AFSL cancellation since the start of the year with the majority being advice firms.
Career changers, such as accountants and teachers, are a valuable demographic for potential advisers as industry commentators say adviser numbers are “not touching the sides” of consumer demand.
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.