ASIC has banned Brisbane financial adviser Stephen Garry Vick from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business, for five years.
The banning took effect on 5 September 2022. Mr Vick applied to the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision, as well as stay and confidentiality orders. The AAT refused his applications for stay and confidentiality orders on 17 May 2023. No hearing date has been set for the substantive review of ASIC’s decision.
ASIC found that Mr Vick failed to act in the best interests of clients when he recommended his clients roll over their existing superannuation to a newly-established self-managed superannuation fund (SMSF) and borrow to invest in residential property.
Mr Vick’s business comprised a group of companies that provided services in property sales, mortgage broking, accounting and financial advice.
ASIC found that Mr Vick:
- did not act in the best interests of clients and provide appropriate advice,
- gave defective statements of advice to clients that contained numerous misleading statements and omissions,
- had a business structure that created conflicts of interest, and that Mr Vick prioritised his interests over the clients’ interests, and
- accepted conflicted remuneration.
ASIC's surveillance of Mr Vick looked at client files from his time as an authorised representative of Madison Financial Group Pty Ltd.
ASIC's Information Sheet 182 Super switching advice - complying with your obligations (INFO 182) provides information and compliance tips for financial advisers who provide super switching advice.