Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Former financial adviser banned for dodgy dealings

Former financial adviser banned for dodgy dealings

Banned
Miranda Brownlee
22 February 2018 — 1 minute read

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.

Advertisement
Advertisement

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.”

Former financial adviser banned for dodgy dealings
banned signage smsf min
smsfadviser logo
join the discussion

When do you plan to undertake the exam under the new adviser education standards?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.