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Friday 9 November 2012

12-270MR Cairns financial adviser agrees to supervision following ASIC concerns

ASIC has accepted an enforceable undertaking (EU) from Mr James Mousa, a financial adviser based in Cairns.

Mr Mousa is the Manager of BDO Private Wealth (NTH QLD) Pty Limited and an authorised representative of Australian Financial Service Limited.

ASIC accepted an EU from Mr Mousa following an ASIC investigation into advice provided by Mousa to his clients between 10 August 2007 and 23 August 2012. ASIC was concerned that Mr Mousa did not demonstrate that he had a reasonable basis for some advice provided or that he had determined the risk tolerance of clients before providing advice.

The EU was offered to address ASIC’s concerns.

Mr Mousa has undertaken to complete specified courses of professional development within six months and to submit to a regime of supervision, audit and review of the financial services he provides to clients by an independent senior financial planner (approved by ASIC) for a period of two years.

Mr Mousa was previously an authorised representative of Infocus Securities Australia Pty Ltd and Storm Financial Ltd.

View the enforceable undertaking

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Last updated: 09/11/2012 12:00