Former Power Loan planner banned
A South Australian planner has been banned by the Australian Securities and Investments Commission for two years from providing personal financial advice.
Russell Barry Collins-McBride of Seaview Downs was found to have provided Australian Financial Services clients with advice during 2005 while not a licensed financial adviser.
Products that Collins-McBride was found to have illegally advised clients to invest in included some Westpoint investment trusts, notably the Emu Brewery Mezzanine and Mount Street Promissory Notes.
Collins-McBride, who has operated as an authorised representative, was found to have advised AFS clients to invest the proceeds of a loan secured by a mortgage over their home.
The one-time Power Loan franchisee advised clients that an investment in these products would earn more interest than that payable on the loan.
He has the right to appeal to the Administrative Appeals Tribunal for a review of the two-year ban.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
