July 26, 2017
A Riskinfo news story dated 20 July 2017 incorrectly stated that former Magnitude adviser, Jason Sean Atkins, has been banned by ASIC for dishonest conduct. This was not correct.
Mr Atkins was not banned for dishonest conduct. Rather, ASIC banned Mr Atkins from providing financial services for a period of three years after ASIC formed the view that he was in breach of the best interests duty that was introduced as part of the Future of Financial Advice reform measures.
It was the regulator’s view that Mr Atkins failed to act in the best interests of four clients.
The 20 July 2017 article, which has been removed, reported the banning by ASIC of two advisers, one of whom was Mr Atkins. The other adviser referred to in the article was banned by ASIC for dishonest and misleading conduct in what was a totally separate case to that involving Mr Atkins. The 20 July 2017 Riskinfo article incorrectly stated that both advisers had been banned for dishonest conduct.
We note Mr Atkins has appealed to the Administrative Appeals Tribunal for an independent review of ASIC’s decision.
Riskinfo sincerely apologises to Mr Atkins for this mistake and for any damage to his reputation that may have been caused by this article.