Scammers will cold call victims claiming to be a stock broker or investment portfolio manager and offer a hot tip or inside information on a stock or asset that is supposedly about to go up significantly in value. They will claim what they are offering is low-risk and will provide quick and high returns.

ASIC has banned financial adviser Mr Graeme Ashley Cowper, of Oatley, NSW, from providing financial services for 4 years after an investigation found he was not adequately trained or competent to provide financial services.

Sudhir Sinha failed to prioritise the interests of his clients

Max Eung created two false bank accounts in the names of his clients, falsified documents to open the false bank accounts, caused withdrawals to be made from client funds to the false bank accounts and misappropriated client funds, and impersonated his clients to attempt to obtain access to funds in the second false bank account.

In the period that Mr Taylor provided financial services, he used the money borrowed from clients to fund his own investments in options. He borrowed these funds from clients at a time when they had not obtained independent professional advice and took advantage of his professional relationship with those clients. In doing so, he exposed them to high financial risks.

ASIC found that between August 2007 and September 2016, Mr Taylor dishonestly withdrew at least $1,951,000, primarily sourced from private client funds earmarked for specific investments, and used these funds for both personal and business expenses.

ASIC found that Mr Grubwinkler failed to act in his clients' best interests when providing advice on superannuation and insurance.

“If the advisor does not have an AFSL you may receive little protection from services such as the Financial Ombudsman Service if something goes wrong,” said Mr Ripoll.

Glen Connor used clients' assets as security for his margin loan and borrowed client funds.

The first public hearing into the Banking Royal Commission is scheduled for February 12, however consumers shouldn’t expect to be compensated.