Qld adviser permanently banned
A Queensland financial adviser, James Reynolds, has been permanently banned from providing financial services after his advisory firm “purported to offer lifestyle financial advice”.
According to the Australian Securities and Financial Services (ASIC), Reynolds, who was the principal of Totem Advice, demonstrated he was not a fit and proper person to offer financial services or operate in any capacity within the industry.
ASIC also found that Reynolds lacked “the honesty, integrity, professionalism and sound judgement expected of someone working in the financial services industry”.
The ban would permanently prevent Reynolds 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.
Reynolds has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
The banning has been recorded on the Banned and Disqualified Persons Register.
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