ASIC issues permanent ban against former Garrisons adviser
TheAustralian Securities and Investments Commission (ASIC)has obtained a permanent ban against a former financial adviser, John Michael Higgins, from providing financial products and financial advice, or dealing with clients’ funds.
Higgins, a director of Macquarie Town Financial Services in Richmond, New South Wales, has also agreed to compensate all consumers who suffered a financial loss as result of his misappropriating their investments.
Higgins, a financial adviser with Garrisons between 16 May 2001, and 12 March 2002, was dismissed from the dealer group after it was discovered that he was placing clients’ funds into his own business account.
As well as the permanent ban, ASIC has also obtained orders from the Supreme Court of New South Wales to have Higgins surrender his passport, sell or refinance his assets in order to repay consumers and not deal with any of his assets without ASIC’s prior written consent.
“ASIC's action will ensure that consumers are protected from further misconduct by Mr Higgins, and are appropriately compensated for any losses incurred,” ASIC director of enforcement Allen Turton says.
ASIC says its investigations into Higgins are continuing.
Recommended for you
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
