ASIC bans former Sydney adviser Jim Pavlidis for three years

ASIC has banned Sydney-based financial adviser Jim Pavlidis from providing financial services for three years.

A review of Mr Pavlidis’ advice between 2004 and 2018 found that he failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed.

Mr. Pavlidis, who began his career in financial services in 1986, most recently served as an authorised representative of Consultum Financial Advisers Pty Ltd from January to October 2018 and was affiliated with Meritum Financial Group from April 2004 to January 2018.

He does not currently work in the financial industry.

ASIC has enforced a three-year ban for Mr. Jim Pavlidis, a Sydney-based financial adviser, preventing him from providing financial services following a review spanning from 2004 to 2018. The investigation revealed several shortcomings in Mr. Pavlidis' practices:

• He failed to deliver financial advice that aligned with the best interests of his clients.

• Mr. Pavlidis neglected to maintain adequate records of his advisory activities.

• He did not appropriately consider the individual circumstances of each client and neglected to address client objectives.

ASIC also noted that Mr. Pavlidis lacked sufficient training and did not possess a comprehensive understanding of the requirements to provide financial services competently.

The ban imposed on Mr. Pavlidis will be publicly recorded on ASIC’s Financial Advisers Register and the Banned and Disqualified Persons Register.

He retains the right to challenge ASIC’s decision by appealing to the Administrative Appeals Tribunal.

To read the full ASIC Media Release article, click here.