ASIC has banned Mr Glenn William Connor from providing any financial services for the next seven years, after it was found that he had not complied with a financial services law.

Mr Connor, 44, or Brisbane operated initially as a financial adviser with Millennium 3 Financial Services Pty Ltd and then Lonsdale Financial Group Ltd (Lonsdale).  He was most recently a financial adviser with Hunter Green Pty Ltd.

While working for these companies, Mr Connor also traded under the name Glenn Connor Financial Planning.

An ASIC investigation found that between 2008 and 2016 Mr Connor used clients' assets as security for his margin loan and borrowed client funds.

The investigation found that Mr Connor:

• took advantage of his trusted position as an independent financial adviser;
• used clients' assets for his personal benefit;
• engaged in conduct which could have caused clients to suffer significant losses; and
• resorted to deceptive conduct and sought to conceal the security and loan arrangements from Lonsdale.

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

Mr Connor 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.