Wealth creation seminars targeted

THE Australian Securities and Investments Commission has taken action to ensure people who attend Jamie McIntyre’s How to become a Millionaire seminars in October do not obtain financial advice from someone who does not hold an Australian financial services licence.

Under the Corporations Act only people or companies that hold an AFSL are permitted to provide financial advice.

Neither Mr McIntyre nor 21st Century Academy, the promoter of the seminars, hold an AFSL.

ASIC is concerned Mr McIntyre and 21st Century Academy are making references to financial products advice in the promotion of the seminars, including representations about making money through stock and options markets.

Mr McIntyre and 21st Century Academy have undertaken that during the seminars scheduled to be held in Adelaide, Perth, Melbourne, Hobart, Brisbane and Sydney between October 4 and 18, or any other seminar or exhibition to be held in October 2004, they will not:

Carry on a financial services business without being the holder of an AFSL covering the provision of the financial services;

Make statements or representations in relation to any strategy with respect to buying blue-chip company securities or derivatives (including exchange-traded options) or any other financial product; and

Otherwise provide any financial product advice.

Mr McIntyre and 21st Century Academy contend that they do not offer financial product advice unless that advice was presented by a licensed individual.