ASIC bans former stockbroking firm AR
The Australian Securities and Investments Commission (ASIC) has banned a former client adviser and authorised representative of stockbroking and wealth management firm, Morgans Financial Limited.
Ryan Batros from Melbourne was prohibited from providing financial services for five years after an ASIC delegate found following a hearing that Batros breached financial services laws.
Batros was an authorised representative at Morgans between January 2012 and August 2014.
He was banned after an ASIC investigation into his conduct on 25 and 26 August 2014 in placing "execution only" orders on the Australian Securities Exchange (ASX) that he had received from clients to sell shares and options of Metals of Africa (MTA) when he possessed information about an upcoming capital-raising by MTA.
MTA announced the capital-raising to the ASX on 3 September, 2014.
Batros has applied to the Administrative Appeals Tribunal for a review of ASIC's banning order.
ASIC imposed licensing conditions on Morgans Financial in November 2015 after it found several breach incidents over a number of years, and found flaws in its monitoring and supervising arrangements of representatives.
AUTHOR
Malavika Santhebennur
Recommended for you
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.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
