ob体育 has banned Kyle Marshall, of Varsity Lakes, Queensland, from providing financial services for three years.
ob体育 found Mr Marshall had not complied with financial services laws and lacked fundamental knowledge and competency relevant to providing financial services.
Mr Marshall was an authorised representative of Sentinel Private Wealth Pty Ltd (In Liquidation) (Sentinel) and a director of Vogue Planners Pty Limited, which was a corporate authorised representative of Sentinel.
Mr Marshall provided personal advice to clients, recommending they invest in a share investment strategy involving trading in options operated by Mr Rodney Peters, a director of Australian Share Registry Pty Ltd. ob体育 found there were significant flaws in Mr Marshall鈥檚 process for providing his clients advice to invest in the share investment strategy, and that he was not adequately trained or competent to provide financial services. In particular:
- Mr聽Marshall failed to act in the best interests of his clients;
- Mr聽Marshall鈥檚 advice to his clients, who were inexperienced in investing in聽shares and options, was not appropriate;
- The Statements of Advice Mr Marshall provided to his clients did not聽accurately record his advice or his clients鈥� relevant circumstances and聽did not contain the level of detail reasonably required for the purpose of聽deciding to act on the advice;
- Mr聽Marshall did not understand the meaning of personal advice;
- Mr Marshall failed to record his communications with his clients; and
- Mr Marshall failed聽to disclose to his clients that a company, of which he was sole director,聽would receive a commission from referring client to Mr Peters.
Mr Marshall鈥檚 clients ultimately experienced large losses on their investments with Mr Peters.
The banning of Mr Marshall is part of ob体育鈥檚 ongoing efforts to improve standards across the financial services industry. It will be recorded on ob体育鈥檚 publicly available and the Banned and Disqualified Persons Register.
Mr Marshall has the right to appeal to the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
ob体育's MoneySmart website has useful information for consumers about , including how to complain about a financial adviser and what to do if their .
Background
In April 2019, ob体育 banned Mr Peters from providing financial services for six years after he had conducted options trading on behalf of his clients on a discretionary basis when he was not authorised to do so (19-099MR).