A previously banned Western Australian investment adviser is back in the corporate world after having an enforceable undertaking accepted by ASIC.
The undertaking ensures Christopher John Daws, from Scarborough, does not re-enter the financial services industry by either applying for an Australian financial services licence (AFSL) or becoming an authorised representative of an AFSL holder without complying with stipulated educational and supervisory requirements.
Daws has agreed to a nominated licensed supervisor and stipulated supervisory requirements, including that he not be allowed to trade on personal or associated accounts, if he wants to re-enter the financial services industry.
Daws was banned 2001 after an ASIC investigation into his contact while a securities broker with firms Merrill Lynch and CIBC. At the time of the banning Daws admitted he’d acted against the best wishes of his clients and traded on their accounts without their authority.
Daws also admitted acting contrary to policy of the licensee while a representative of both Merrill Lynch and CIBC. The administrative appeals tribunal ruled that the banning order be revoked on February 15 after Daws entered into the enforceable undertaking with ASIC and the tribunal accepted that did not intend to re-enter the financial services industry, but recognised that the ban was impeding his wish to become a company director.
