06/11/2007 - 10:56

Westpoint advice earns 5-year ban for WA planner

06/11/2007 - 10:56

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The Australian Securities and Investments Commission has banned Financial planner Jason Lowth from providing financial services for five years, after finding he provided inappropriate advice about Westpoint products to clients.

Westpoint advice earns 5-year ban for WA planner

The Australian Securities and Investments Commission has banned financial planner Jason Lowth from providing financial services for five years, after finding he provided inappropriate advice about Westpoint products to clients.

 

 

The full text of an ASIC announcement is pasted below

The Australian Securities and Investments Commission (ASIC) has banned Mr Jason Lowth, of The Vines in Western Australia, from providing financial services for five years.

Mr Lowth provided financial planning services through Brighton Hall Securities Pty Ltd (Brighton Hall) between 17 September 2001 and 14 June 2004. During this time he was a proper authority holder and then an authorised representative of Brighton Hall.

Mr Lowth, who worked in the Applecross office of Brighton Hall, provided advice to clients from across the Perth metropolitan area.

An ASIC investigation found that, between April 2002 and December 2003, Mr Lowth:

  • Provided inappropriate advice to clients about investing in Westpoint products, in breach of his obligation to have a reasonable basis for the advice he gave and to act in the best interests of his clients; and
  • Made statements to his clients about Westpoint products that were misleading or deceptive.

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

Background

Thirteen banning briefs in relation to advisers who advised on Westpoint products are currently under consideration.

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