ASIC bans director of Vogue Planners from providing financial services for three years
The regulator found there were significant flaws in Kyle Marshall’s process for providing his clients advice to invest in a share investment strategy.
The Australian Securities & Investments Commission (ASIC) today announces that it has banned Kyle Marshall from providing financial services for three years. Mr Marshall was an authorised representative of Sentinel Private Wealth Pty Ltd and a director of Vogue Planners Pty Limited, which was a corporate authorised representative of Sentinel.
In particular, Mr Marshall provided personal advice to clients, recommending they invest in a share investment strategy involving trading in options operated by Rodney Peters, a director of Australian Share Registry Pty Ltd. Let’s recall that, in April this year, ASIC banned Mr Peters from providing financial services for six years. Mr Peters, in engaging in excess of 1,000 options trades on behalf of a number of clients between April 2015 and April 2016, did not comply with financial services law.
The Australian regulator identified significant flaws in Mr Marshall’s process for providing his clients advice to invest in the share investment strategy. ASIC also determined Mr Marshall was not adequately trained or competent to provide financial services.
He was found to have failed to act in the best interests of his clients. Furthermore, he provided inappropriate advice to clients, who were inexperienced in investing in shares and options.
ASIC notes that Mr Marshall did not even understand the meaning of personal advice.
In addition, Mr Marshall failed to disclose to his clients that a company, of which he was sole director, would receive a commission from referring client to Mr Peters. Mr Marshall’s clients ultimately incurred large losses on their investments with Mr Peters.
