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
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
