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Michael Sill
Michael Sill, Mentor Education

ASIC bans Queensland Financial Adviser

30 June 2015

ASIC has issued a permanent banning to Brisbane financial adviser Lee Robert Robin.

ASIC has continued with its zero tolerance policy towards deceptive behaviour in the finance sector by banning Robin from providing any financial services. Robin failed to comply with financial conduct and was found to have engaged in misleading activities whilst issuing unsecured fixed interest notes in Protect Ensure.

Robin was a director of Protect Ensure Pty Ltd since 18 April 2006 and in 12 June 2015 Protect Ensure was placed into liquidation. Following ASIC’s investigation, Robin was found to have acted dishonestly between July 2013 to December 2014 by depositing clients’ monies into an entity associated with the Protect Ensure group, using the funds for personal expenses and making payments to other noteholders. ASIC also confirmed that Robin also failed to provide an information memorandum to clients, and failed to disclose that client funds would be pooled with other monies in the Protect Ensure business.

Peter Kell, the ASIC deputy chair said that, “Robin’s wrongdoing is inconsistent with the honesty, integrity, diligence and judgement that is expected and required of those in the industry”. Kell also confirmed ASIC’s commitment in taking action to, “remove from the industry advisers who breach community trust.”

Earlier this year ASIC launched its Financial Adviser Register in a bid to promote transparency in the sector and enable consumers adequate tools to be able to verify the authenticity of a financial adviser before they seek advice from him / her. According to ASIC, there are currently over 22,500 financial advisers listed on the register.

The Financial Adviser Register can be searched on ASIC’s MoneySmart website www.moneysmart.gov.au. Details regarding where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on can be found on the register.

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