ASIC bans three financial advisers

11 May 2020

Three financial advisers have been banned by the Australian Securities and Investments Commission (ASIC): Christopher Harris for 10 years, and Bimaljeet Sekhon and Alan Davies for three years each.

Adelaide-based Harris was an authorised representative of Millennium3 Financial Services and Dover, and was banned from providing financial services for 10 years.

He was at Millennium3 between October 2008 and May 2017, and at Dover from May 2017 to June 2018.

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ASIC’s review of advice provided by Harris found his advice was not in the best interests of clients, that he failed to provide statements of advice (SOAs) to some clients, and failed to provide the appropriate fee disclosure statements (FDSs) in a timely manner.

In June 2018, Futuro Financial Services appointed Money Works Financial Planning as its corporate authorised representative; Harris was the sole representative and at the time was not authorised to provide financial services.

In statements made on the Money Works website, Harris gave the impression he was authorised to provide financial services, which ASIC found had mislead or deceived clients.

Harris had requested a review of ASIC’s decision in the Administrative Appeals Tribunal.

Melbourne-based Sekhon was banned for three years, she had been an authorised representative for Polis Investment Strategies between November 2017 and March 2019, and Count Financial from June 2013 to July 2017.

ASIC found Sekhon failed to comply with financial services laws, including to provide advice that was in the best interests of her clients and that she was not adequately trained.

Sydney-based Davies had also been banned for three years, he was the sole director of Risk Insurance Consultants from December 2013 to March 2020.

ASIC surveillance found Davies did not comply with financial services laws, nor was he adequately trained or competent to provide financial services.

It found Davies had failed to properly investigate and document his clients’ relevant financial objectives and personal circumstances when providing life insurance advice.

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