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Adviser ban a timely reminder for investors

By Cameron Micallef · September 30 2019
Reading:
egg

Invest

Adviser ban a timely reminder for investors

By Cameron Micallef
September 30 2019
Reading:
egg
Adviser ban a timely reminder for investors

Adviser ban a timely reminder for investors

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By Cameron Micallef · September 30 2019
Reading:
egg
Adviser ban a timely reminder for investors

Investors have been given a timely reminder to check the credentials of their financial adviser following the banning of a Gold Coast adviser.

ASIC has banned Kyle Marshall from providing financial services for three years after finding he had not complied with financial services laws and lacked fundamental knowledge and competency relevant to providing financial services.   

According to the regulator, Mr Marshall provided personal advice to clients, recommending they invest in a share investment strategy that involved trading options operated by Mr Rodney Peters.

ASIC found there were significant flaws in Mr Marshall’s process for providing his clients advice to invest in the sharemarket strategy, and that he was not adequately trained or competent to provide financial services.

In particular, ASIC ruled Mr Marshall had failed to act in the best interests of his clients, failing to disclose to them that a company of which he was a sole director would receive a commission from referring customers to Mr Peters.

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ASIC also said he gave inappropriate advice to clients who were inexperienced in shares and options, and generated statements of advice that did not accurately record the advice given or his clients’ circumstances.

His advice also did not contain a level of detail necessary to enable a decision to be made whether to act on the advice.

Mr Marshall’s clients ultimately experienced large losses on their investments with Mr Peters.

Mr Peters has already been reprimanded by ASIC, having been banned from providing financial services for six years in April of this year, after the regulator deduced that he had conducted options trading on behalf of his clients on a discretionary basis when he was not authorised to do so.

ASIC has information about choosing a financial adviser and how to lodge complaints on its website.

Adviser ban a timely reminder for investors
Adviser ban a timely reminder for investors
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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