Qld adviser banned for five years
The Australian Securities and Investment Commission (ASIC) has banned Queensland based David Neil Wilkins from providing financial services for five years.
In imposing the ban ASIC stated Wilkins participated in misleading conduct and inappropriate advice and barred the Springwood adviser following an investigation into activities over a two year period.
The investigation found that during September 2010 and May 2012 Wilkins had mislead at least 152 clients by representing that options trading carried little to no risk.
"Trading in options is complex, can be very risky and is not appropriate for all clients," Peter Kell, ASIC deputy chairman, said.
"Licensees also have a responsibility to ensure appropriate controls are in place when allowing advice on options to be provided to retail clients."
Wilkins also failed to make appropriate inquiries about the relevant personal circumstances of those clients involved in options trading.
"ASIC expects licensees to conduct comprehensive reference checks to appointing authorised representatives to ensure they are suitably qualified and can provide appropriate advice to clients," he said.
"ASIC will act to remove those advisers from the industry who fail in their obligations to provide appropriate advice."
Wilkins was an authorised representative of RBS Morgans, Romad Financial Services, and then MDS Financial Planning.
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