A Sydney-based financial adviser has been banned from providing financial services for four years following an ASIC investigation.
In the past month, the corporate watchdog has handed down bans to close to 10 individuals operating within Australia's financial services sector.
The investigation into the activities of Steven Paul Hing, of Enmore, found he engaged in unauthorised discretionary trading between July 2009 and July 2010.
Hing was employed as an authorised representative of Novus Capital Limited, formerly known as Axis Financial Group (Australia) Limited, between 2003 and 2011.
ASIC's investigation found Hing failed to comply with financial services laws when servicing clients between 2009 and 2010.
As well as undertaking unauthorised discretionary trading on client accounts, the corporate regulator said he also contravened section 911C(d) of the Corporations Act 2001 by holding out that the trades were within the authority given to him by Novus Capital.
ASIC also found Hing engaged in misleading and deceptive conduct under section 1041H of the act through his failure to inform the clients or Novus Capital that trades were not authorised.
Hing's conduct was brought to ASIC's attention by Novus Capital.
He has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.
