Compliance

ASIC Bans Ex-Macquarie Equities Advisor

Amisha Mehta Deputy Editor 18 August 2016

ASIC Bans Ex-Macquarie Equities Advisor

Australia's financial watchdog has handed out a five-year industry ban as part of its wealth management project.

The Australian Securities and Investments Commission has banned Nicholas Kerr from providing financial services for five years after finding that he engaged in unauthorised discretionary trading on his client accounts, provided inappropriate advice and created false records.

Kerr, based in Carindale, Queensland, worked at Macquarie Equities from 2008 to 2013. During that period, he engaged in discretionary trading on five client accounts, despite being unauthorised to do so by the company, according to ASIC.

The regulator added that Kerr created records on behalf of clients that falsely indicated that he had advised the clients before trading when he had not. In addition, ASIC's investigation found that the advice Kerr provided to five of his clients was not appropriate, considering their personal circumstances.

“Investors should feel confident that financial advisors are acting within the authority given to them by their licensee at all times and appropriately considering their interests. ASIC will act to remove advisors who fail to do so,” ASIC commissioner Peter Kell said in a statement.

The penalty is the latest to come out of ASIC's Wealth Management Project, which focuses on the conduct of Australia's largest financial advice firms, NAB, Westpac, CBA, ANZ, Macquarie and AMP.

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