Husband and wife banned from providing financial services
The Australian Securities and Investments Commission (ASIC) has banned two former financial advisers, Richard Marshall and his wife Gwenda Marshall, from providing financial services for six and three years, respectively.
According to the regulator, Mr and Mrs Marshall carried on a financial services business without holding an Australian Financial Services (AFS) licence between 2015 and 2021.
Mr Marshall was found to have advised clients of his company, RT Marshall Pty Ltd, many of whom were elderly, to open margin lending accounts and he appointed himself or Mrs Marshall as an authorised person to trade shares on behalf of those clients.
He also arranged for shares to be traded on client accounts by instructing Mrs Marshall to execute the share trades on behalf of the clients while the clients were charged substantial fees for these services ranging from $3,000 to $20,000 per client, per financial year.
“In banning Mr Marshall, ASIC found that his conduct demonstrated that he was not a fit and proper person to provide financial services,” ASIC said in the statement.
“The ban prevents Mr and Mrs Marshall from providing any financial service, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.”
Mr and Mrs Marshall have the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
Okay?? So being banned should stop them offering financial services that the small matter of having a financial services licence (and all the regs and compliance associated with that licence) did not seem to stop them from offering financial services for five years…
But wait there’s more
Real Advisers get to pay for ASICs cost to try to stop former / NOW NOT Advisers from operating illegally.
Yet again Real Advisers pay ASICs costs when it has nothing to do with Real Advisers doing anything wrong.
Way to go ASIC, banning them from a licence they didn’t have in the first place! And calling the “financial planners” when they were actually fraudsters just helps ASIC put another nail in the coffin of actual advisers by lumping these two criminals as FP’S. Typical corrupt ASIC.