A Queensland-based financial adviser has been permanently banned by the Australian Securities and Investments Commission (ASIC) after it was found he recommended his clients to allow their SMSFs to lend money to his related entities against their best interests.
Jack Houwing was a director and authorised representative of Financial Options. ASIC found that Houwing failed to act in the best interests of his clients, is not of good fame or character, and is not adequately trained or competent to provide financial services.
"The failure of financial advisers to act in the best of interests of their clients or to prioritise their clients' interests over their own, not only harms their clients but also erodes public trust in the financial system," said ASIC commissioner Danielle Press.
ASIC expects financial advisers to uphold the values of integrity and professionalism"
"ASIC expects financial advisers to uphold the values of integrity and professionalism."
The corporate regulator also cancelled the AFSL of Financial Options Pty Ltd. In cancelling the AFSL, ASIC also said it found that Financial Options had not complied with its financial requirements and had not done all things necessary to address its concerns in relation to organisational competence, human resources and compliance requirements.