ASIC bans Hobart financial Adviser from delivering financial advice to clients

A dodgy financial adviser has been banned from practising by ASIC for providing unsolicited, and unlicensed advice to clients at a firm where he had only recently been promoted.

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A TASMANIAN financial adviser has been banned from providing financial advice after failing to comply with financial services laws.

The Australian Securities and Investments Commission found Hobart’s David Horton failed to provide financial advice that was appropriate and in the best interests of his clients and to keep proper records.

Mr Horton is the director of D & M Horton Holdings, formerly known as Fort Financial Group.

The findings relate to when Mr Horton was an authorised representative of Meritum Financial Financial Group between 2012 and 2017.

ASIC found that In 2017, Mr Horton moved from Meritum to an administrative role at FF Planning Solutions where he was not an authorised representative but provided unlicensed advice to some clients.

The commission also found Mr Horton was not competent and was not adequately trained to provide financial services and that he provided a number of clients with inappropriate advice to double gear their investments.

In providing advice, Mr Horton had no regard to the clients’ relevant personal circumstances, their cash flow position or their ability to cover margin calls, ASIC said.

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