ASIC bans Perth adviser for three years
The corporate watchdog has banned former Magnitude Group financial adviser, Jason Sean Atkins, from providing financial services for three years after he breached best interests duty.
The Australian Securities and Investments Commission (ASIC) found that Atkins provided advice to four clients to establish a self-managed superannuation fund (SMSF) and used limited recourse borrowing arrangements to fund the purchase of real property that was in breach of the best interests duty under the Future of Financial Advice (FOFA).
ASIC found that in providing advice the Perth adviser had failed to act in the best interests of four clients and was not satisfied that Atkins:
- Had identified the subject matter of the advice;
- Conducted a reasonable investigation into the financial products that might achieve the objectives to meet the needs of the client that would reasonably be considered as relevant to advice on the subject matter; and
- Understood what was required of him to comply with the best interest duty.
Atkins was a former authorised representative of Magnitude, a subsidiary of Westpac Banking Corporation, from 11 May 2015 to 11 December 2015. He was appointed by a corporate authorised representative of Magnitude called Wealth Plus Solutions. Prior to this, Atkins was an authorised representative of Genesys Wealth Advisers from 14 June 2013 to 8 May 2015.
ASIC Commissioner, John Price, said: “Financial advisers must act in the best interests of their clients. ASIC is committed to improving conduct in the wealth management industry and we will act to remove individuals who do not live up to the high standards expected of financial advisers”.
Atkins has the right to appear to the Administrative Appeals Tribunal for a review of the decision.
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