Gold Coast financial adviser Rodney Peters, of Mudgeeraba banned for six years by ASIC after trading without authority

A Gold Coast man has been banned from providing financial services after engaging in more than 1000 trades when he knew he did not have the authority to do so, the corporate regulator says.

A Gold Coast adviser has been banned from providing financial services after engaging in more than 1000 trades when he knew he did not have the authority to do so.

A GOLD Coast adviser has been banned from providing financial services for six years after engaging in more than 1000 trades when he knew he did not have the authority to do so, the corporate regulator says.

The Australian Securities and Investments Commission said Mudgeeraba resident Rodney Peters, who was a director of Australian Share Registry, engaged in more than 1000 options trades on behalf of clients between April, 2015 and April, 2016.

ASIC said Mr Peters, an authorised representative of Pulse Markets, had conducted options trading on behalf of clients on a discretionary basis, which was a breach of his authorisation from Pulse.

SUBSCRIBE TO THE BULLETIN FOR JUST $5 A MONTH FOR THE FIRST THREE MONTHS

Discretionary trading is decision-based trading where the trader decides which trades to make based on current market conditions. Pulse is authorised to provide general advice and to trade in equities and derivatives, but not on a discretionary basis.

ASIC said Mr Peters was aware he did not have the authority to engage in discretionary trading.

The regulator found his actions were likely to lead clients to believe he did, in fact, have the authority to conduct the trades.

“ASIC’s decision reflects its intention to remove from the industry financial advisers who do not comply with the law, so consumers can make more confident and informed decisions about their financial dealings,” ASIC said in a statement this morning.

Mr Peters has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.