Financial Adviser Bruce Stuart Davis Banned for 7 Years
The Australian Securities and Investments Commission (ASIC) has banned South Australia-based former financial adviser Bruce Stuart Davis from providing financial services for a period of 7 years. Mr. Bruce Davis was the director, manager, and financial adviser at Wise Investment Advisers Pty Ltd (WIA). Mr. Davis served as a financial adviser at WIA from 3 June 2015 until 29 August 2024. He is also the author of two self-published books, How to Build Riches and Invest Wisely and Grow Rich.
In August of 2024, Mr Michael Van Dissel was appointed as the liquidator for WIA.
The Findings
ASIC found that Mr. Davis engaged in multiple misconducts related to derivatives, including:
Unlicensed advice and dealing services
Failure to act in the best interests of clients
Offering inappropriate advice.
Failure to provide statements of advice to clients.
Misleading clients about the returns from his recommendations and trading
Causing significant financial losses
ASIC also noted that Mr. Davis refused to take responsibility for the breaches of conduct and the resulting financial losses, which raised concerns about his fitness to be involved in the financial services industry.
Mr. Davis' ban is now listed in ASIC’s public register of banned and disqualified individuals, he has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.
This information comes from the official ASIC media release entitled “ASIC bans South Australian adviser from being involved in financial services for seven years” (24-269MR) on the 6th of December 2024, and is true at the time of publishing.
