Sydney-based financial adviser banned for 5 years

Walter Yaolong Guan has been banned for five years from providing any financial services or controlling an entity that carries on a financial services business.

According to ASIC, Mr Guan carried on a financial services business, traded shares on behalf of clients and used managed discretionary accounts between March 2017 and August 2021, despite neither he nor his company holding an Australian financial services (AFS) licence.

While he was an authorised representative of an AFS licensee, ASIC explained Mr Guan’s authorisation did not permit him to trade shares on, or operate, managed discretionary accounts.

Moreover, ASIC said it found that Mr Guan was not competent to provide financial services as he had failed to identify that he required an AFS licence to conduct a financial services business in Australia and failed to maintain adequate client records and breached his authorised representative agreement with his AFS licensee.

Mr Guan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.