ASIC permanently bans jailed Adelaide adviser
Former financial adviser James Gibbs has been permanently banned by the Australian Investments and Securities Commission (ASIC), the first banning imposed by ASIC utilising its recent banning power extensions.
ASIC banned the Adelaide adviser from having any involvement in financial services and credit activities.
The extension of ASIC’s banning powers came into effect on 18 February, 2020, as a result of the Stronger Regulators Act that allowed ASIC to ban people from having any involvement in financial services or a credit business.
Previously the ban only extended to providing financial services or engaging in credit activities.
In July 2019, Gibbs was sentenced to 10 years imprisonment for fraud offences with a non-parole period of seven years.
Following the conviction, ASIC pursued the banning orders to permanently remove Gibbs from the financial advice and credit industries.
AUTHOR
Chris Dastoor
Recommended for you
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.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
