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.”