ASIC said it had accepted an enforceable undertaking from Rankothge Bandula (Ben) Jayaweera that prevents him from providing financial product advice to any retail client. Jayaweera is a director and authorised representative of Growth Plus Financial Group Pty Ltd in Brisbane.
ASIC said Jayaweera recommended clients invest in an unregistered aqua agriculture investment scheme operated by Growth Plus without reasonably considering the clients' goals and financial situation. The regulator said the recommended investments were not consistent with the clients' risk profile, and exposed clients to inappropriate levels of risk.
Under the EU, Jayaweera will permanently cease providing financial product advice to retail clients, and will not be involved in any capacity in the provision of financial product advice to retail clients.
A Queensland adviser has been permanently removed from the financial services industry.