September 29, 2017
ASIC has permanently banned a former Victorian adviser after finding he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients’ best interests when providing advice.
The regulator stated that it had banned Koresh Daniel Houghton, who was most recently an authorised representative of Dover Financial Advisers, after surveillance found he:
- Created false documents by cutting and pasting customer signatures onto a letter nominating Houghton as their adviser
- Completed and submitted insurance application forms on behalf of clients with incorrect information
- Failed to make reasonable inquiries into clients’ relevant objectives, financial situation and needs
- Failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients
According to ASIC’s Financial Adviser Register (FAR), Houghton first began providing advice in mid-2009 and its surveillance reviewed a number of client files from his time as an authorised representative of three different licensees.
Houghton was an authorised representative of Financial Wisdom from July 2013 to January 2015 and was cross-endorsed as an authorised representative of Commonwealth Financial Planning from September 2013 to November 2014. He then became an authorised representative of Dover Financial Advisers from January 2015 to October 2016.
The banning will be recorded on the FAR and Houghton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.