Planner ordered to Steer clear of advice
TheAustralian Securities and Investments Commission(ASIC) has obtained orders in the New South Wales Supreme Court to restrain a formerSaxby Bridgeemployee from providing financial advice, only four months after he received a two year ban for previous offences.
David Steer, the sole director of BA Solutions Group, was a proper authority holder at the now discredited Saxby Bridge Financial Planning Group, before being banned from acting as a representative of a securities dealer or an investment adviser for two years in May.
The ban was enforced after an investigation into Steer by ASIC found he had breached the law in numerous ways, including failing to adequately disclose all of the commissions and benefits he might receive from a client taking up a particular investment recommendation.
ASIC commenced the latest court action after receiving information from members of the public that Steer had an association with the licensed securities dealer, Elm Financial Services, and may have been providing financial advice in contravention of his two-year ban.
Elm Financial Services has since terminated its association with Steer.
Last year, ASIC revoked Saxby Bridge's securities dealer licence and banned its managing director, Jeff Braysich, for five years.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
