ASIC bans two advisers

30 April 2020

The Australian Securities and Investments Commission (ASIC) has banned two advisers – one a former National Australia Bank and Forsyths authorised representative and the other a Spectrum Wealth Advisers authorised representative.

The regulator said it had permanently banned ACT-based former Spectrum adviser, Jane Elizabeth Myers over failures around the establishment of Self Managed Superannuation Funds (SMSFs) while NSW-based former Forsyths adviser, Alexander Bruce Thomas had been banned for three years for failing to provide advice in the best interests of his clients.

Dealing with Myers, ASIC said the banning had followed a surveillance exercise.

“Ms Myers claimed that she was only facilitating the establishment of self-managed superannuation funds (SMSFs) for her clients, rather than providing financial product advice,” the regulator said. “However, ASIC’s surveillance found that Ms Myers gave her clients financial product advice recommending they establish SMSFs and roll over their existing superannuation into SMSFs. In doing so, she did not act in her clients’ best interests or provide advice that was appropriate to their circumstances.”

With respect to the three year banning of Thomas, ASIC said a review of a sample of his advice files showed that he failed to make reasonable inquiries into, and base all judgements on, his client’s relevant circumstances, and to appropriately scope the advice.

Both banned advisers have the right to appeal the ASIC decision to the Administrative Appeals Tribunal (AAT).

Spectrum’s license was cancelled by ASIC in February.




Sounds like Myers did what thousands of unlicensed accountants do every day. Yet ASIC does absolutely nothing about them.

Would appreciate some support if possible.
We are currently going through SMSF problems due to the Financial Advisor not acting in our best intrest.
We are also in the process of closing our SMSF.
Aon has now got a legal company trying to sort this.
We started with $324,000 in Nov 2011 and another $80,000 has been put in since.
We now have $64,183 and $18,000 of listed shares and $20,000 of unlisted shares.
We have been offered a payout of $80,000 plus get to keep the listed and unlisted shares and not know if they are worth anything. We have rejected this offer and waiting for them to come back to us.
Can you please provide us with someone in SA that could help us get this sorted as I am sure Aon will reject the $320,000 that we think is fair.

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