ASIC bans former Queensland planner for inappropriate advice
The Australian Securities and Investments Commission (ASIC) has permanently banned a former Queensland financial adviser for providing inappropriate and unreasonable advice.
ASIC banned Bradley John Lofts, of Brisbane, Queensland after its investigation found that between October 2010 and August 2012, Lofts provided inappropriate and unreasonable advice to 50 clients without determining the clients’ personal circumstances.
ASIC also found that between 25 January 2012 and 7 June 2012 Lofts, on 33 separate occasions, sold ASX-listed shares on behalf of seven clients when he was not licensed or authorised to do so.
Lofts was a director of McLofts Pty Ltd which traded as Sterling Financial Strategies and operated a financial services business from offices in Townsville, Ayr and Brisbane. Lofts was an authorised representative of Lionsgate Financial Group between 15 October 2010 and 19 January 2012 and from 13 June 2012 to 22 June 2012 was an authorised representative of Synchronised Business Services.
Lofts has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Jason Spits
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
