Adviser permanently banned for misuse of client funds
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
Barry David King was determined by ASIC to not be a fit and proper person to provide financial services and likely to contravene financial services law. His conduct was dishonest and involved the misuse of client funds and the provision of false documents, ASIC said.
It is alleged that he:
• Concealed information from his clients
• Made false representations to ASIC
• Caused false documents to be provided to his clients
• Managed client funds without obtaining written authorisation
• Misused client funds by directing payment of those funds to his personal liabilities, and
• Did not provide clients with records of their investments or inform them about the fate of their investments.
King was an authorised representative of Principal Financial Group Pty Ltd from 6 November 2007 to 22 October 2014, Total Financial Solutions Australia Pty Ltd from 22 October 2014 to 17 February 2020, and Wealth Effect Advisory Pty Ltd since 18 February 2020.
Until August 2024, he was a director of Wealth Effect Advisory Pty Ltd, King Financial Group (NSW) Pty Ltd, King Financial Group (Qld) Pty Ltd and King Financial Group Vic Pty Ltd (collectively known as the King Financial Group).
The King Financial Group website described him as managing director and senior financial planner who established the firm in 1989. The firm described its offering as including wealth creation, budgeting, debt reduction, personal and business insurance, superannuation and retirement planning and estate planning, among others.
As a result, he has been permanently banned from controlling an entity that carries on a financial services business and performing any function involved in the carrying on of a financial services business from 1 July 2025.
The banning has been recorded on Banned and Disqualified Register and he has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
In July 2024, ASIC announced it had secured travel restraint against King in the Supreme Court of New South Wales preventing him from leaving or attempting to leave Australia which were extended until 1 July 2025.
ASIC’s investigation into King’s conduct is ongoing.
AUTHOR
Laura Dew
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