Gold Coast man Adam John Bevan of Trade Winds Financial Services banned from sector for five years

ASIC has banned a Gold Coast former financial adviser from the sector for five years. Here’s why

The man was banned for five years.

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ASIC has banned former financial adviser Adam John Bevan for five years from providing financial services, controlling a financial services business, or performing any function in relation to carrying on a financial services business.

A statement from the regulator said Mr Bevan was sole director and an authorised representative of Gold Coast based Australian financial services licensee, Trade Wind Financial Services July 25, 2017, and May 18 2020.

ASIC found that Mr Bevan failed to act in the best interests of three clients by failing to make reasonable inquiries about their existing superannuation funds and by not putting measures in place to ensure their funds were transferred in accordance with his advice.

ASIC also found Mr Bevan was not a fit and proper person, after the company failed to pay two Australian Financial Complaints Authority determinations when required.

Financial services providers must comply with their licence.

Mr Bevan has applied to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC cancelled the company’s financial services licence on May 26.

“Trade Wind FS also failed to lodge its 2019 and 2020 audited financial accounts and comply with several licence conditions including failing to notify ASIC of the change in the key person for the AFSL,” ASIC said in a statement.

“AFSL holders must comply with their licence conditions and have adequate resources to provide the financial services covered by their licence. ASIC may suspend or cancel an AFSL if a licensee fails to meet its obligations.”

ASIC has put in place licensing measures to enable the company to resolve disputes and compensate retail clients.