This article is from the Australian Property Journal archive
A PERTH based financial adviser who promoted Westpoint products has been banned by following an investigation by the Australian Securities and Investments Commission.
David William Roy of Byford has been banned from providing financial services for seven years.
Roy was banned after an ASIC investigation found that between 1998 and 2005 he engaged in misleading or deceptive conduct when making recommendations to clients.
ASIC said Roy failed to conduct reasonable investigations into Westpoint and other products he recommended to clients and provided inappropriate advice in relation to Westpoint and other products, thereby breaching his duty to ensure that investment recommendations were appropriate for his clients.
Roy provided financial planning services as a representative of the following licensees:
• Winthrop Securities Pty Ltd from 1995 to 2001;
• Brighton Hall Securities Pty Ltd from 2001 to 2002;
• Epic Asset Management Ltd from 2002 to 2003; and
• EAS (WA) Pty Ltd from 2003 to 2005.
ASIC said Roy has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
So far, ASIC has banned 14 licensed advisers and two unlicensed advisers who advised on Westpoint products.
Brighton Hall Securities Pty Ltd is now in liquidation.
Australian Property Journal
