Totem Wealth director permanently banned from providing advice

In a statement on Wednesday, the corporate regulator confirmed it has permanently banned the director of Queensland-based Totem Wealth — an advisory firm that purported to offer ‘lifestyle’ financial advice — James Carlos Reynolds from providing financial services.

In banning Mr Reynolds, ASIC found that his conduct demonstrated that he was not “a fit and proper person” to provide financial services or operate in any capacity within the industry.

ASIC also found that Mr Reynolds lacked the honesty, integrity, professionalism and sound judgement expected of someone working in the financial services industry.

Mr Reynolds did not appear at the hearing and did not respond to ASIC’s concerns.

The corporate regulator explained that the ban permanently prevents Mr Reynolds from providing any financial service, controlling an entity that carries on a financial services business and performing any function involved in carrying on a financial services business.

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