Investment director banned from financial services for five years
By Kathleen Payne | 18/12/2012 12:00:01 AM | 0 comments
A Queensland director has been banned from providing financial services for five years, just months after his company was banned.
Robert Clare Henley was banned after ASIC had reason to believe he would not comply with financial services laws.
Henley was director of Apple Investment Company Pty Ltd, of Queensland, which was banned from providing financial services for five years from 24 October 2012.
He was also an authorised representative of Mark Power Financial Pty Ltd from 11 May 2010 – 4 April 2011. ASIC cancelled their AFS licence in November 2011.
Apple offered clients a foreign exchange trading platform called ‘FX Calibre’ and foreign exchange education packages.
ASIC commissioner Peter Kell said that as the director of an authorised representative of an AFS licensee, Henley had an important responsibility for ensuring Apple complied with its legal obligations.
“As part of its broader efforts to develop investor confidence and improve industry standards, ASIC will take action to remove those who fail to demonstrate the appropriate level of oversight and understanding of financial services laws, from the industry,” Kell said.
ASIC found that Henley:
Failed to ensure that Apple did not make misleading statements in its website and brochure
Failed to ensure that Apple provided a product disclosure statement to all clients who required one
Failed to ensure that Apple did not engage in referral selling in relation to the FX Calibre product
Failed to take an active role in ensuring Apple complied with its obligations as a provider of financial services
Does not understand the duties and obligations of a provider of financial services
Henley advised ASIC that he intended to remain the sole director of Apple on his return to Australia from Canada.
Former financial adviser pleads guilty to dishonesty charges
Financial advisers: Are you on ASIC’s FoFA hit list?
ASIC bans adviser for $3.6m fraud