LAWFUEL – The Legal Newswire – The Australian Securities and Investments Commission (ASIC) has banned Mr Philip Gerard Wade, of Jandakot in Western Australia, from providing financial services for seven years.
Mr Wade provided financial planning services through Brighton Hall Securities Pty Ltd (Brighton Hall) between 24 September 2001 and 12 September 2003. During this time, he was a proper authority holder and then an authorised representative of Brighton Hall.
Mr Wade provided advice to clients from across the Perth metropolitan area.
An ASIC investigation found that in 2001 and 2002, Mr Wade:
• failed to provide appropriate advice about Westpoint products to his clients, and
• engaged in conduct that was misleading and deceptive, or likely to mislead and deceive, with respect to the Westpoint products.
Mr Wade has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
Eleven banning briefs in relation to advisers who advised on Westpoint products are currently under consideration.
