ASIC has banned Queensland-based financial adviser Frederick Steven Ackerman from providing financial services and performing any function involved in the carrying on of a financial services business for four years.

Mr Ackerman was an authorised representative of Pure Strategy Pty Ltd (Pure Strategy) from 22 May 2019 to 16 September 2021. He was also the sole director of Pure Strategy from 26 May 2019.

ASIC found that Mr Ackerman failed to act in the best interests of his clients or provide them appropriate advice.  At times he did not:

• identify his clients’ relevant objectives, financial situation or needs;
• identify the subject matter of the advice sought;
• conduct a reasonable investigation and assessment of financial products;
• base all judgements on his client’s circumstances; or
• place his clients in a better position were they to follow his advice

Additionally, ASIC found that Mr Ackerman is neither competent nor a fit and proper person to provide a financial service.

Mr Ackerman’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and Banned and Disqualified Persons Register.

Mr Ackerman has the right to seek a review of ASIC’s decision by the Administrative Appeals Tribunal.