Australian Securities and Investments Commission (ASIC) announced today the permanent ban of Macquarie financial adviser Warren Acworth from providing financial services.

Tam Tran, the sole director and shareholder of Orchard Accountants Pty Ltd, was banned following an ASIC investigation that found funds were withdrawn from Ms Tran’s clients’ SMSF accounts without their authority and deposited into the trust account of Orchard Accountants.

Adelaide-based financial adviser Adrian John Cassidy has been banned from providing financial services for six years, after corporate regulator ASIC found he acted dishonestly in hiding client recommendations from his licensee, Godfrey Pembroke.

ASIC has permanently banned former financial advisor Nicholas Ellis, of Valentine, NSW, from providing financial services and engaging in credit activities.

Northern NSW-based financial adviser David Allen O’Brien has been banned from providing financial services for four years following surveillance by the Australian Securities and Investments Commission.

Wayne Blazejczyk failed his best interest duties by recommending clients with low super balances setup a SMSF, which exposed his clients to financial harm because the ongoing SMSF costs were higher than the costs of their existing superannuation fund.

The surveillance relates to the period in which Mr O’Neill was an Authorised Representative of Godfrey Pembroke and Wealthsure Financial Services. ASIC found that he failed to comply with financial services laws and wasn’t adequately trained.

Jihad Soleiman, an authorised representative of Apogee Financial Planning Limited (Apogee) during the period June 2013 to February 2018, had been approached by clients about SMSFs for the purposes of either investing into property or property development companies.

Failed firm Dover Financial Planning, and its sole director Terry McMaster, were convicted in the Federal Court of false and misleading conduct.

ASIC alleged Dover imposed a misleadingly titled "client protection policy" on its clients, which in fact offered greater protection to the firm itself.

In 2019, the industry still receives $2 billion each year in these dodgy commissions – for doing no work. But from 2021, these will finally be banned too.

Peter Xu failed to comply with financial services laws including best interests duty and the requirement to provide appropriate advice.