Two former Infocus Money Management financial advisers are currently being investigated by the Australian Securities and Investments Commission (ASIC) for significant breaches of the Corporations Act.
A spokesperson for Infocus confirmed that the two former Infocus representatives are currently the subject of an ASIC investigation.
Until this year, the pair were authorised representatives of Infocus’ Northbridge in Western Australia. Their misconduct was identified by the dealer group and reported to ASIC, with Infocus now actively assisting the regulator in its investigations.
Allegations have now been made by former clients of the two regarding inappropriate advice.
Money Management understands that the regulator has concerns about a range of issues in relation to the matter, and that the fallout for the former clients of the advisers could be substantial.
Both were removed as authorised representatives of the group as a result of their actions.
Money Management understands further details about the investigation will be made public early next year.
