Former financial adviser banned for dodgy dealings
ASIC has permanently banned a financial adviser from providing financial services after an ASIC investigation found he had been deducting fees from elderly clients for advice services he had never provided.
John Poynter of Baulkham Hills, who was an authorised representative of Charter Financial Planning Ltd from June 2010 to June 2016, has been permanently banned from providing financial services by ASIC.
Mr Poynter provided financial advice regarding superannuation products to a number of elderly clients, ASIC said in a public statement.
ASIC found that from January 2015 to June 2016 Mr Poynter deducted a total of $39,700 in fees from 10 clients’ investment accounts for financial advice which he had not provided.
Mr Poynter personally received a benefit of $25,610 from these transactions, according to the corporate regulator.
ASIC’s investigation also found that Mr Poynter directed three clients of Charter to deposit a total of $26,990 directly into his personal bank account for financial services he had not provided.
“Charter and Mr Poynter’s practice has refunded advice fees charged to the relevant clients following an internal investigation of Mr Poynter’s conduct,” ASIC said.
“Mr Poynter has to the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.