Former Infocus Money Management advisers under investigation
Two former Infocus Money Management financial advisers are currently being investigated by the Australian Securities and Investments Commission (ASIC) for significant breaches of the Corporations Act.
A spokesperson for Infocus confirmed that the two former Infocus representatives are currently the subject of an ASIC investigation.
Until this year, the pair were authorised representatives of Infocus’ Northbridge in Western Australia. Their misconduct was identified by the dealer group and reported to ASIC, with Infocus now actively assisting the regulator in its investigations.
Allegations have now been made by former clients of the two regarding inappropriate advice.
Money Management understands that the regulator has concerns about a range of issues in relation to the matter, and that the fallout for the former clients of the advisers could be substantial.
Both were removed as authorised representatives of the group as a result of their actions.
Money Management understands further details about the investigation will be made public early next year.
Recommended for you
ETF provider VanEck has announced its intention to launch a uranium and energy solution as global political agendas point to expansion in this sector.
PIMCO has announced the launch of a new active fixed-income ETF, marking its fifth active solution on the Australian market after the launch of four ETFs earlier in the year.
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
