Bristow banned for six years
The long-running dispute between Melbourne financial adviser Ian Bristow and the Australian Securities and Investments Commission in the fall-out from the Westpoint collapse took a new turn on Friday when Bristow and his son were both banned by the regulator from providing financial services.
Bristow, of Warrandyte in Victoria was banned for six years while his son Mathew was banned for three years.
Announcing the bannings last week, ASIC said it had followed an investigation that found that Bristow had “operated five unregistered management investment schemes through his company Earning Pty Ltd between May, 2006, and March, 2008”.
It said that a company in which Bristow was a director, Salarypackaging.com.au, was also found to have operated one of the five schemes between December, 2005, and May, 2006.
ASIC said its investigation had also found that Bristow “dishonestly facilitated the transfer of three clients’ investment funds into new investment products namely Westpoint Mezzanine products, prior to providing financial advice in November, 2005, and without clients’ authority to do so”.
It also said that the investigation had found that Bristow “engaged in deceptive conduct when recommending high risk products without providing a full explanation of the risks and breached undertakings given to ASIC on 31 January, 2008, and to the Federal Court on 5 February, 2008”.
The regulator said that Andrew Bristow was found to have operated the unregistered managed investment schemes and breached undertakings to ASIC.
AUTHOR
Mike Taylor
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.
