03/07/2008 - 13:54

ASIC bans WA man over Westpoint collapse

03/07/2008 - 13:54

Bookmark

Save articles for future reference.

A corporate watchdog has banned Byford resident David Roy from providing financial services for seven years, after he provided inappropriate advice to clients over the failed Westpoint group.

A corporate watchdog has banned Byford resident David Roy from providing financial services for seven years, after he provided inappropriate advice to clients over the failed Westpoint group.

The Australian Securities and Investments Commission found that between 1998 and 2005, Mr Roy had failed to conduct reasonable investigations and provided inappropriate advice into Westpoint and other products he recommended to clients.

ASIC said Mr Roy's actions breached his duty to ensure that investment recommendations were appropriate for his clients.

Mr Roy has the right to lodge an appeal.

Below is the full announcement:

The Australian Securities and Investments Commission (ASIC) has banned David William Roy of Byford, Western Australia, from providing financial services for seven years.

Mr Roy was banned after an ASIC investigation found that between 1998 and 2005 he:

- engaged in misleading or deceptive conduct when making recommendations to clients;

- failed to conduct reasonable investigations into Westpoint and other products he recommended to clients; and

- provided inappropriate advice in relation to Westpoint and other products, thereby breaching his duty to ensure that investment recommendations were appropriate for his clients.

Mr Roy provided financial planning services as a representative of the following licensees:

- Winthrop Securities Pty Ltd from 1995 to 2001;

- Brighton Hall Securities Pty Ltd from 2001 to 2002;

- Epic Asset Management Ltd from 2002 to 2003; and

- EAS (WA) Pty Ltd from 2003 to 2005.

Mr Roy provided financial services throughout the south west region of Western Australia, predominantly in the Margaret River and Busselton areas, before moving his business to Perth.

Mr Roy has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.

Background

Fourteen licensed advisers and two unlicensed advisers who advised on Westpoint products have now been banned.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options