The Secret contributor banned for life by ASIC
Another industry practitioner has been banned for life from providing financial services, following an investigation by the Australian Securities and Investment Commission (ASIC).
ASIC found that the former contributor to the popular self-help product The Secret, David Schirmer, failed to comply with financial services laws in relation to the promotion, operation and delivery of a trading and wealth creation program known as the ‘Platinum Super Traders’.
The regulator found Schirmer made false statements to participants in the 2005 and 2006 Platinum programs and engaged in dishonest conduct.
The investigation also established the Victorian man provided financial services on behalf of another person who carried on a financial services business while not being authorised to do so.
Rather than disclosing difficulties he was facing with aspects of the Platinum program, Schirmer chose to deceive Platinum participants and deliberately prepared and provided them with a false document, according to ASIC.
Schirmer has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Court.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.