ASIC bans former South Australian financial adviser
ASIC has banned a South Australian financial adviser from providing financial services for a period of seven years.
The corporate regulator banned South Australia-based former financial adviser Bruce Stuart Davis from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in the carrying on of a financial services business.
ASIC said Davis was the sole director, responsible manager, and financial adviser of AFSL, Wise Investment Advisers Pty Ltd (WIA).
According to the regulator, it observed that Davis in relation to derivatives:
- Provided unlicensed advice and dealing services.
- Failed to act in his clients’ best interests, provided inappropriate advice, and failed to provide statements of advice to clients.
- Made misleading and deceptive representations to clients regarding the high returns they would achieve from his recommendations and trading.
- Caused significant financial losses for his clients.
“Further, ASIC considered that Mr Davis’ failure to acknowledge or accept responsibility not only for the contraventions stemming from his advice and trading in derivatives on behalf of clients, but also for the losses his advice and trading have caused his clients reflect poorly on his fitness and propriety to be involved in financial services,” ASIC said.
Davis was a financial adviser appointed by WIA between 3 June 2015 and 29 August 2024. He is also the author of two self-published books, How to Build Riches and Invest Wisely and Grow Rich.
WIA has entered liquidation, with Michael Van Dissel appointed as the liquidator on 29 August 2024.
ASIC said that if any former clients of WIA believe they have suffered loss because of misconduct by Davis, they should “consider making a complaint to the Australian Financial Complaints Authority”.
Davis’ banning has been recorded in ASIC’s banned and disqualified register. He has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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