ASIC bans Tasmanian adviser for five years

29 July 2020

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.




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