The regulator this morning reported that it had banned former authorised representative Nicholas Hunter from the financial services industry following an investigation regarding Hunter's conduct in advising SMSF
clients. The ASIC release said Hunter had served as an authorised representative of Spring Financial Group, but Spring Financial Group has said the implication that Hunter was an employee of the company is incorrect.
"Contrary to incorrect media reports Hunter was never employed by Spring FG nor any subsidiary. At no stage was Hunter involved in the operation or conduct of any Spring FG business nor did he have any dealings with its clients," the company said in a release.
Instead, it said Hunter was an employee and representative on an independent firm called Murphy Dawson Partners.
"For a limited period from May 2011 to May 2012 Murphy Dawson held a corporate authorised representative arrangement with Spring Financial. Spring Financial unilaterally terminated that arrangement more than 3 years ago over concerns it held as to the conduct of Murphy Dawson," the company said.
Spring Financial said it welcomed the banning order against Hunter.
A finance group has fired back after an ASIC release incorrectly linked it with a banned adviser.