Sydney former adviser banned for six years
The Australian Securities and Investments Commission (ASIC) has banned a Sydney man, formerly an adviser at Kaz Capital, from providing financial services for six years, after finding that he had attempted to mislead the share market regarding prices.
Specifically, the regulator found that David Stephen Cornford had attempted to mislead the share market, taking part in both transactions that created or maintained an artificial trading price for shares, or were likely to, and acts that created, or were likely to, a false or misleading appearance to the market for shares or their prices.
ASIC also found that Cornford had provided a financial service that the licence of Kaz Capital didn’t cover when he was employed there from 2014 – 2017. This came in the wake of ASIC imposing licence conditions on Kaz Capital earlier this year, following concerns about the adequacy and effectiveness of its compliance framework.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.