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ASIC permanently bans former Sydney financial adviser

ASIC permanently bans former Sydney financial adviser
  • Christopher Copper-Ind
  • @intlinvestment
  • 12 February 2021
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ASIC, the Australian regulator, has permanently banned former Sydney financial adviser Daniel Stuart McSweeny from providing financial services.

McSweeny was an authorised representative of Australian Financial Services Group Ltd (currently in liquidation) between 2006 and 2012. He was also a director of FF&I Holdings Ltd (currently in liquidation) during the period it was an authorised representative of Australian Financial Services Group Ltd between May 2007 and May 2013.

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In December 2018, McSweeny was charged with 20 dishonesty offences and one offence of falsifying books as a company director. An investigation by ASIC led to an allegation that McSweeny had dishonestly transferred or directed others to transfer funds from bank accounts holding client funds.

ASIC also alleged that McSweeny directed an employee to construct a back-dated Statement of Advice in response to an investigation being conducted following a complaint.

On 11 February 2020 following a two-day fitness hearing, the NSW District Court found McSweeny was unfit to stand trial and unlikely to become fit in the next 12 months. In making this decision, the judge found that there was enough evidence to support the charges of dishonesty and falsifying books, in the absence of evidence from the defendant.

ASIC determined that a permanent ban from the provision of financial services was appropriate given the Court's findings.

In May 2019, ASIC previously disqualified McSweeny from managing companies for the maximum period of five years following his involvement in 14 failed companies

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