ASIC bans Tasmanian adviser for five years
The corporate regulator has banned David Horton from providing financial services for five years after finding that he was not competent and not adequately trained.
The Australian Securities and Investments Commission (ASIC) found Horton, who was an authorised representative of Meritum Financial Group, failed to provide financial advice that was appropriate and in the best interests of his clients and keep proper records.
ASIC found Hobart-based Horton provided a number of clients with inappropriate advice to double gear their investments while disregarding the clients’ relevant personal circumstances, cashflow position or ability to cover margin calls.
In 2017, Horton moved from Meritum to an administrative role at FF Planning Solutions and provided unlicensed advice to some clients.
Recommended for you
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.
Financial services firm Akambo has rebranded itself as an investment management and asset consulting business after almost two decades of operation, targeting $20 billion in assets under management.
Big four bank Westpac is seeking to expand the BT Panorama investment offering through strategic alliances as well as launching a low-cost offering.
