ASIC bans Queensland-based adviser

ASIC found Mr Toledo had failed to act in his clients’ best interests when advising them to create a self-managed super fund in order to purchase property, and failed to “provide advice appropriate to the clients”.

“Financial advisers have a clear duty to act in their clients' best interests,” said ASIC deputy chair Peter Kell.

“In some cases, advice to establish an SMSF for the sole purpose of purchasing a property may not be in a client's best interests, particularly where the SMSF borrows funds to enable the purchase.”

ASIC’s surveillance of Mr Toledo examined a number of client files from his work with Sentinel Private Wealth, where he commenced in March 2014.

Mr Toledo’ has a right to appeal the banning through the Administrative Appeals Tribunal.