ASIC bans two advisers

12-Sep-2017

By Megan Tran

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ASIC has banned former Wilson Advisory and Stockbroking adviser Daniel Manley for five years after he engaged in misleading conduct relating to the trading of exchange-traded options in client accounts.

The corporate watchdog’s investigation found Manley had traded in the options on behalf of two clients without their consent, as well as advising one client of an incorrect cost to close out their options trading account.

In addition, he had advised another client of an incorrect balance in their trading account, provided his employers with false documents requesting a change in his clients' email address details, and made false entries in Wilson’s order system in relation to supposed instructions he had received from clients to place orders.

ASIC commissioner Cathie Armour said financial advisers operated in positions of trust and were expected to act with integrity towards their clients and the financial entities they represented.

“Appropriate enforcement action will be taken by ASIC against financial advisers who fail to do so,” Armour said.

In addition, ASIC has banned Queensland adviser Lawrence Toledo from providing financial services for seven years after he failed to act in his client’s best interest when advising on establishing a self-managed superannuation fund (SMSF) to purchase property.

The corporate regulator found Toledo failed to provide appropriate advice to clients and to identify what products would work best for their needs.

He had been an authorised representative of Sentinel Private Wealth since March 2014.

ASIC deputy chairman Peter Kell said financial advisers had a duty to act in their clients' best interests, and, in some cases, advice to establish an SMSF for the sole purpose of purchasing a property might not be in a client's best interests, particularly when it involved the client borrowing money.

Toledo's banning would be recorded on ASIC's register and he had the right to appeal the decision, the regulator said.

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