Former Macquarie Equities adviser issued EU
The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from a former Macquarie Equities representative, under which he cannot provide financial services on behalf of himself or any other person for a period of four years.
ASIC accepted the EU against financial adviser, Anthony Wilson after Macquarie Equities reported his conduct to ASIC, and it formed part of ASIC’s Wealth Management Project.
It was concerned that Wilson’s advice during the period of 30 July 2007 and 30 June 2013 did not meet the standards required of a financial adviser and that he had failed to comply with financial services law.
ASIC was concerned Wilson may have misled clients into believing he was authorised to undertake discretionary trading in circumstances where he was not. Discretionary trading is where a client gives an adviser permission to make investments on their behalf without needing instructions from clients before each transaction as they would use their expertise to produce financial returns for the clients.
The corporate regulator was also concerned Wilson made false entries in Macquarie’s trading system that created the impression he had spoken with clients before carrying out trades. He also failed to ensure his advice to clients was appropriate to their levels of sophistication, risk tolerance and objectives.
ASIC said it had accepted the EU as an alternative to taking administrative action against Wilson. Wilson acknowledged ASIC’s concerns were justified.
ASIC deputy chairman, Peter Kell said: “Consumers need to have confidence and trust in their financial advisers”.
“ASIC will use all regulatory means available to protect consumers from financial advisors who don't meet the standards expected by the community.”
ASIC has so far banned 36 advisers from the largest financial advice firms such as NAB, Westpac, the Commonwealth Bank, ANZ, Macquarie, and AMP as part of its project.
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