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Tuesday 19 January 2021

21-007MR ASIC bans former Sydney adviser for three years

ASIC has banned Sydney-based financial adviser Jim Pavlidis from providing financial services for three years.

A review of Mr Pavlidis’ advice between 2004 and 2018 found that he failed to provide financial advice that was in the best interests of his clients and to keep proper records. Mr Pavlidis failed to consider the relevant circumstances of each client and left client objectives unaddressed. 

ASIC also found that Mr Pavlidis was not adequately trained and did not have a proper understanding of the requirements to competently provide financial services.

The banning of Mr Pavlidis will be recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

Mr Pavlidis 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 consumers about choosing a financial adviser, how to complain about a financial adviser and what to do if their adviser is banned.

Background

Mr Pavlidis began working in the financial services industry in 1986. Most recently, he was an authorised representative of Consultum Financial Advisers Pty Ltd from January to October 2018 and Meritum Financial Group Pty Ltd from April 2004 to January 2018. He is currently not working in the financial industry.

Last updated: 30/03/2021 09:22