ASIC has permanently banned Mr Robert Pryor Smith, of West Lakes, South Australia from providing financial services on the basis that he is not of good fame or character.

Mr Smith was an authorised representative for Futuro Financial Services Pty Ltd (Futuro) from 10 October 2008 to 12 September 2017. Mr Smith is also the sole director of Advice 4 Wealth Pty Ltd (Advice 4 Wealth) which has been an authorised representative for Futuro since 29 September 2008.

An ASIC investigation found that between 29 December 2008 and 12 July 2016, Mr Smith electronically transferred a total of $278,042.58 from the bank account of a deceased estate for which Mr Smith was the Trustee and Executor to bank accounts held in Mr Smith's name, or in the name of Advice 4 Wealth.

ASIC found that Mr Smith's conduct was designed to benefit his own interest and financial needs at the expense of the Estate and the beneficiaries. ASIC also found that Mr Smith's conduct was dishonest and that he made false statements about what happened to the Estate funds.

Mr Smith's banning will be recorded on ASIC's Financial Advisers Register.

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

ASIC's MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.