A financial planner who created false documents and otherwise failed to act in his client’s best interests has been permanently banned by the Australian Securities and Investments Commission (ASIC).
The regulator said it had permanently banned Koresh Daniel Houghton because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients’ best interests when providing advice.
Confirming the banning, ASIC said Houghton had:
- created false documents by cutting and pasting customer signatures onto a letter nominating Houghton as their adviser;
- completed and submitted insurance application forms on behalf of clients with incorrect information;
- failed to make reasonable enquires into clients’ relevant objectives, financial situation and needs; and
- failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.
ASIC said its surveillance of Houghton reviewed multiple client files from the time he was an authorised representative of Financial Wisdom Limited (10 July 2013 to 21 January 2015) and cross-endorsed as an authorised representative of Commonwealth Financial Planning Limited (9 September 2013 to 28 November 2014), and Dover Financial Advisers Pty Ltd (22 January 2015 to 20 October 2016).
Commenting on the banning, ASIC deputy chairman, Peter Kell said consumers needed to be confident that their financial adviser was honest and acting in their best interests.
“ASIC will continue to take action and remove advisers who engage in serious misconduct and breach community trust,” Kell said.
UPDATE 5 December 2023: Money Management has been advised by lawyers representing Koresh Houghton that ASIC lifted the permanent ban on Koresh Houghton from providing financial services and credit activities on 24 September 2023.
