ASIC has permanently banned Mr Alan Leslie Brown, of Lugarno NSW, from providing financial services.

This follows an ASIC investigation which found that Mr Brown had not complied with financial services law and that there was reason to believe that he would not comply with this law in the future.

Mr Brown was an authorised representative of Bridges Financial Services Pty Ltd from 7 June 2007 to 13 May 2008. Bridges Financial Services Pty Ltd assisted ASIC with its investigation into the allegations of misconduct made against Mr Brown.

ASIC found that between July 2002 and July 2008, Mr Brown had not complied with financial services law in that he:

• carried on a financial services business without holding an Australian financial services licence;

• engaged in dishonest conduct by transferring funds from clients' accounts without their knowledge or authority for his own purpose; and

• engaged in misleading or deceptive conduct in relation to the transfer of funds from clients’ Macquarie Cash Management Trust accounts for his own purpose.

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