Another planner banned over Westpoint
The Westpoint collapse has claimed another financial planner, with the Australian Securities and Investments Commission announcing that it has banned a Western Australian planner for three years.
ASIC said it had banned Edward William Eikelboom of Maddington in Western Australia for three years following an investigation that found that in 2002 and 2003 he provided inappropriate advice to clients about investing in Westpoint products.
It said this was a breach of his duty to provide clients with investment advice that is appropriate, has regard to their personal circumstances, investment objectives, financial situation and needs.
The regulator said Eikelboom had provided financial planning services through Brighton Hall Securities Pty Ltd between November 27, 2001, and September 12, 2003, and EAS (WA) Pty Ltd between September 22, 2003, and May 9, 2007.
It said that during this time he had been a proper authority holder and then an authorised representative of Brighton Hall and an authorised representative of EAS.
ASIC said that seven banning briefs in relation to advisers who advised on Westpoint products were currently under consideration and that 10 advisers who had advised on Westpoint products had now been banned.
It pointed out that Brighton Hall was now in liquidation.
AUTHOR
Mike Taylor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
