Sydney-side ex-adviser banned
A former financial adviser has been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC).
ASIC announced the ban after finding that Adam David Joyner, of Sydney, had "engaged in dishonest conduct that was both deliberate and persistent over a period of three years in relation to four clients", who suffered losses of approximately $1.05 million.
Joyner was also found to have been operating a financial services business, for a brief period, without holding an Australian financial services licence.
The ASIC investigation revealed that Joyner also failed to cooperate with ASIC in responding to compulsory statutory notices and obstructed or hindered an ASIC officer which was indicative of a person who has complete disregard for his legal obligations and is likely to contravene a financial services law in the future.
ASIC Commissioner Greg Tanzer said, ‘The investing public needs to be able to have trust in those who provide professional advice. ASIC will act to ensure those who behave dishonestly and without regard to their obligations to their clients and community more broadly will be permanently removed from the financial services industry.'
Joyner was an authorised representative of Peter Joyner & Associates until this business had its licence cancelled by ASIC in April 2011 (refer: 11-101MR). After April 2011, Mr Joyner continued to provide financial services without an AFS licence.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
