ASIC has banned SA based former financial adviser Bruce Stuart Davis from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
Mr Davis was the sole director, responsible manager, and financial adviser of AFS Licensee, Wise Investment Advisers Pty Ltd (WIA).
ASIC observed that Mr Davis in relation to derivatives:
- provided unlicensed advice and dealing services;
- failed to act in his clients' best interests, provided inappropriate advice and failed to provide statements of advice to clients;
- made misleading and deceptive representations to clients regarding the high returns they would achieve form his recommendations and trading; and
- caused significant financial losses for his clients.
Further ASIC considered that Mr Davis' failure to acknowledge or accept responsibility not only for the contraventions stemming from his advice and trading in derivatives on behalf of clients, but also for the losses his advice and trading has caused his clients reflect poorly on his fitness and propriety to be involved in financial services.
Mr Davis' banning has been recorded in ASIC's banned and disqualified register.
Mr Davis has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Background
Mr Davis was a financial adviser appointed by WIA between 3 June 2015 and 29 August 2024.
Mr Davis is the author of two self-published books, 'How to Build Riches' and 'Invest Wisely and Grow Rich'.
