10-54AD Adelaide financial adviser banned for five years
Wednesday 17 March 2010
ASIC has banned Mr Steven Edward Fleetwood of Glenelg North, South Australia from providing financial services for five years.
The banning of Mr Fleetwood follows an ASIC investigation of Mr Fleetwood’s conduct while a director of Fleetwood Advisory Group Pty Ltd (FLAG) from December 1998 to July 2008 which 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, Mr Fleetwood undertook discretionary share trading on behalf of clients as part of the Premier Service. During this time, Mr Fleetwood was not authorised to provide this service and FLAG did not hold an Australian Financial Services Licence covering the provision of a discretionary managed account service.
ASIC’s investigation also found that Statements of Advice given by Mr Fleetwood to clients did not include sufficient detail about the advice provided and the basis on which the advice was given. Mr Fleetwood also provided a Statement of Advice to a client after he had traded shares on their behalf.
Mr Fleetwood has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Cancellation of FLAG’s Australian financial services licence
On 13 October 2009, FLAG’s Australian financial services licence was cancelled after ASIC found FLAG had ceased to carry on a financial services business.
ASIC Website: Printed 09/03/2010
