Unlicensed lender banned
A Sydney-sider who made investment recommendations to clients without holding an Australian Financial Services Licence (AFSL) has been banned from providing financial services for eight years.
An investigation carried out by the Australian Securities and Investments Commission (ASIC) found that Dimitri Amargianitakis of Baulkham Hills, a director of Vista Capital Pty Ltd, ran a financial services business without holding an AFSL, and also signed financial statements in circumstances where he knew that they were not accurate.
ASIC revealed that Vista Capital provided mezzanine finance and mortgage lending services, and raised funds for these activities by borrowing mainly from clients connected with the accounting practice Akis & Associates, of which Amargianitakis was a director.
In addition to his eight-year ban, Amargiantiakis, has entered into an enforceable undertaking with ASIC, agreeing not to manage a company for 18 months, and to undertake and pass the Australian Institute of Company Directors' course, or its equivalent, before being reappointed as a director of a company.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.
