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12-291MR ASIC accepts enforceable undertaking from financial adviser
ASIC has accepted an enforceable undertaking from Mr Terence Edward Webb, a financial adviser formerly employed by Storm Financial Ltd (Receivers and Managers Appointed) (In Liquidation) (Storm).
An ASIC investigation led to concerns that Mr Webb, while employed at Storm, only advised clients to invest in accordance with the single investment strategy predominantly recommended by Storm. Further, ASIC was concerned that he failed to warn those clients that this advice may not have been tailored to meet their financial goals and objectives.
ASIC was concerned that, after leaving Storm and continuing to work as a financial planner Mr Webb may not have had a reasonable basis for the advice that he provided, or may have provided incomplete or inaccurate advice to his clients. Mr Webb is currently an authorised representative of Synchronised Business Services Pty Ltd.
Under the enforceable undertaking, Mr Webb has agreed to complete specified courses of professional development within twelve months. He must also submit to a regime of supervision, audit and review of the financial services he provides to clients by an ASIC approved independent senior financial planner for two years.
ASIC Commissioner, Peter Kell, said this outcome reflected ASIC’s commitment to ensuring financial advisers met required standards and maintaining consumer confidence in the financial services system.
ASIC began investigating a range of issues relating to the affairs of Storm in December 2008.
ASIC’s dedicated Storm website details the numerous actions undertaken in recent years: https://storm.asic.gov.au
In relation to the provision of advice by financial advisers, ASIC banned Mr Stuart Craig Drummond, of Clayfield in Brisbane, a former authorised representative of Storm Ltd, from providing financial services for four years. (Read the media release 11-32AD)
In December 2011, ASIC accepted EUs from three other financial advisers formerly employed by Storm Financial Ltd: Ms Carey Fraser of North Ward, Queensland, Mr Trevor Alan Benson of Aspley, Queensland and Mr David Robert McCulloch of Mount Louisa, Queensland. (Read the media release 11-315AD)
Earlier this month, ASIC accepted an EU from Mr James Mousa of Cairns in Queensland, who was previously an authorised representative of Storm. (Read the media release 12-270MR).