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12-236MR ASIC bans Victorian financial adviser for failing to comply with financial services laws
ASIC has banned Mr Peter Raymond Holt, of Balwyn North, Victoria, from providing financial services for three years after he failed to comply with numerous financial services laws.
Mr Holt was a director and authorised representative of Holt Norman & Co Pty Ltd (Holt Norman & Co) and the Responsible Officer of Holt Norman & Co’s Australian financial services (AFS) licence. ASIC cancelled the AFS licence of Holt Norman & Co on 19 September 2012.
ASIC found that Mr Holt failed to have a reasonable basis for the advice he gave to retail clients. Further, Mr Holt failed to meet his disclosure obligations to disclose the costs and benefits that may be lost in switching a clients' superannuation and failed to ensure the business maintained professional indemnity insurance.
ASIC Commissioner Peter Kell said, ‘Those who provide financial advice must comply with all aspects of these laws, and, if they do not, ASIC will not hesitate in removing them from the industry.’
Mr Holt has the right to appeal to the AAT for a review of ASIC’s decision.