Westpoint adviser pleads guilty
The Australian Securities and Investments Commission (ASIC) investigations into the Westpoint collapse has resulted in the conviction of a Sydney financial adviser.
Keith Jason Rowntree, an unlicensed financial planner, pleaded guilty in the NSW district court to the charge of providing unlicensed financial advice to clients who invested in Westpoint products.
ASIC told the court that between July 2003 and December 2003, Rowntree operated a financial services company in North Sydney. It is alleged that Rowntree did not hold a financial services licence while providing advice in relation to financial products.
He was a director of Solutions One Finance Group in Australia and NSW and Solutions Once Finance Group Victoria, which have now been deregistered.
ASIC investigated the matter as a result of complaints from the public and as part of its investigation into the collapse of Westpoint.
Rowntree will appear in the NSW District Court for sentencing.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
