ASIC Bans Adam Bevan - Trade Wind Financial Services

ASIC Has banned Gold Coast Based Financial Advisor, Adam Bevan, for five years and cancelled the Trade Wind Financial Services groups AFSL over misconduct.

Adam Bevan was an authorised representative and sole director of Trade Wind Financial Services.

ASIC banned Bevan after he failed to act in the best interests of three clients after he failed to make enquiries about their existing superannuation funds and proceeded to not put adequate measures in place to ensure the funds were transferred in accordance with his advice.

The corporate regulator also deemed Bevan is not fit or proper, having regard to his connection to a refusal or failure to give effect to a determination by AFCA.

The AFSL was cancelled after Trade Wind FS failed to co-operate with the Australian Financial Complaints Authority (AFCA) and pay two AFCA determinations on time.

In addition, Trade Wind FS did not lodge its 2019 and 2020 audited financial accounts and failed to notify ASIC of the change in the key person for the AFSL.

"AFSL holders must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations," ASIC said in a statement.

The licence will continue until August 31 to allow time for a dispute resolution scheme and further arrangements for compensating clients, including professional indemnity insurance.

Bevan has applied to the Administrative Appeals Tribunal for a review of ASIC's decision.