The Australian Securities and Investments Commission (ASIC) has taken action to ensure that people who attend Mr Jamie McIntyre’s How to become a Millionaire seminars in October do not obtain financial advice from anyone who does not hold an Australian financial services licence (AFSL).

Under the Corporations Act 2001, only people or companies that hold an AFSL are permitted to provide financial advice.

Neither Mr McIntyre nor 21st Century Academy Pty Ltd, the promoter of the seminars, hold an AFSL.

ASIC is concerned that Mr McIntyre and 21st Century Academy are making references to financial product advice in the promotion of the seminars, including representations about making money through the stock and options markets.

As a result of ASIC’s action, Mr McIntyre and 21st Century Academy postponed a planned seminar for Hobart on 28 September 2004.

Mr McIntyre and 21st Century Academy have undertaken that during the seminars advertised and scheduled to be held in Adelaide, Perth, Melbourne, Hobart, Brisbane and Sydney between 4 October 2004 and 18 October 2004, or any other seminar or exhibition to be held in October 2004, including the Melbourne Investment Expo, they will not:

• carry on a financial services business without being the holder of an AFSL covering the provision of the financial services;
• make statements or representations in relation to any strategy with respect to buying blue-chip company securities or derivatives (including exchange-traded options) or any other financial product; and
• otherwise provide any financial product advice.

Mr McIntyre and 21st Century Academy contend that they do not offer financial product advice unless that advice is presented by a licensed individual.

‘ASIC is concerned to ensure that only people who are licensed with ASIC provide financial advice. That way, we can be satisfied that the providers of that advice are appropriately qualified and competent to provide financial advice’, ASIC Executive Director of Enforcement, Ms Jan Redfern said.

ASIC’s investigation is continuing.

End of release

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