The Australian Securities and Investments Commission (ASIC) has obtained an injunction restraining Mr John Michael Higgins, director of Macquarie Town Financial Planning Pty Ltd, from providing financial products or services advice, or dealing with clients’ funds, until further orders.

The order was made by Justice Windeyer in the Supreme Court after ASIC became aware that Mr Higgins was providing financial advice although his authority to do so has been revoked.

Mr Higgins was previously an adviser with Garrisons Pty Limited (Garrisons). Garrisons terminated his authority to provide advice on 12 March 2002 after discovering that Mr Higgins had placed clients’ money in his own business account.

‘As a result of ASIC’s quick action, any clients of Mr Higgins will be protected in their dealings with Macquarie Town Financial Planning Pty Ltd’, ASIC Director Enforcement, Allen Turton said.

Clients of Garrisons who have sought or received advice from Mr Higgins since 12 March 2002 should contact Garrisons on 1800 066 577.

The matter will next be heard in the Supreme Court on 2 September 2002.