ASIC bans three Financial Advisors for their insufficient ability to provide Financial Services

Australian Securities and Investment Commission (ASIC) restricted three financial advisers: Christopher Harris for ten years, and three years each for Bimaljeet Sekhon and Alan Davies.

The ASIC has banned Christopher Norman Harris from providing financial services for the next ten years.

Harris is an Adelaide-based financial advisor, who was the authorized representative of Millenium3 Financial Services Pty Ltd (Millenium3) from October 2008 through May 20017. At the time, Millenium3 was owned by ANZ. Harris then became the authorized representative of Dover Financial Advisers Pty Ltd (Dover) from May 20017 through June 2018.

During an ASIC review of financial advice given by Mr Harris during his time at Millenium3 and Dover, the ASIC found Mr Harris failed to provide advice that was in the best interest of his clients, failed to provide statements of advice (SOAs) to some clients, and failed to provide appropriate Fee Disclosure Statements (FDSs) in a timely fashion.

According to the ASIC, statements found on the Money Works website indicated that Mr. Harris gave false impressions of his authorization to provide financial services, and therefore engaged in conduct that misleads or deceives clients.

Another Financial advisor, Bimaljeet Sekhon, has been banned for three years from providing financial services. Ms Sekhon was an authorized representative of Count Financial Limited (owned by Commonwealth Bank of Australia), from June 2013 to July 2017. Later, she was the authorized representative of Politis Investment Strategies Pty Ltd from November 2017 to March 2019.

The ASIC found Ms Sekhon failed to comply with financial services laws by failing to provide advice in the best interest of her clients and that she was ill-equipped or competent to provide financial services. During a review of her advice given, Sekhon failed to make reasonable inquiries and base judgments on her client’s relevant circumstances and provide appropriate to each client’s individual circumstances.

Finally, Alan Davies has been banned from providing financial services for the next three years. From December 2013 to March 2020, Davies was the sole director and authorized representative of Risk Insurance Consultants Pty Ltd.

An ASIC surveillance review found Davies did not comply with financial service laws and was not adequately trained or competent to provide financial services. Davies particularly failed to properly investigate and document his client’s financial objectives and personal circumstances when providing life insurance advice.

Originally published By Chris Dastoor on Money Management.