South Australia-based adviser Steven Edward Fleetwood has been banned from providing financial services for five years.
This follows an investigation by ASIC into Fleetwood's conduct between December 1998 and July 2008, when he was director of Fleetwood Advisory Group (FLAG). The group operated from offices in North Adelaide.
FLAG's business included the provision of investment, superannuation and risk management advice and offered clients a share trading service called the Fleetwood Advisory Group Premier Service (Premier Service).
ASIC's investigation found that from March 2004 to October 2008, Fleetwood undertook discretionary share trading on behalf of clients as part of the Premier Service.
During this time, Fleetwood was not authorised to provide this service and FLAG did not hold an Australian Financial Services Licence (AFSL) covering the provision of a discretionary managed account service.
ASIC's investigation also found that statements of advice (SOAs) given by Fleetwood to clients did not include sufficient detail about the advice provided or the basis on which it was given, and in one case that an SOA was issued to a client after Fleetwood had already traded shares on their behalf.
Fleetwood has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
FLAG's AFSL was cancelled in October last year after ASIC found FLAG had ceased to carry on a financial services business.
