Adviser wins concession on ban
The Administrative Appeals Tribunal (AAT) has overruled a decision by theAustralian Securities and Investments Commissionto ban former ABS Securities proper authority holder Kevin William Fenwick for a period of two years.
The AAT upheld ASIC’s decision to ban Fenwick from acting as a representative of a dealer or investment adviser, but has reduced his term to 13 months.
Fenwick's ban will now expire on April 1, 2002. The Watchdog had originally banned Fenwick on March 1, 2001.
The AAT’s decision follows investigations that found Fenwick had not acted efficiently, honestly and fairly when giving investment advice to a number of his clients.
However, following ASIC's initial two-year ban, Fenwick lodged an application with the AAT, asking for a review of the decision.
Fenwick formerly held a proper authority from ABS Securities (ABS). ABS and a related company, Saxby Bridge Financial Planning (Saxby Bridge), had their dealers licenses revoked by ASIC in November 2001. Both companies are seeking reviews of these decisions in the AAT.
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