ASIC bans financial adviser for 5 years

Brisbane financial adviser Stephen Garry Vick has been banned from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business, for five years.

In a statement on Tuesday, the Australian Securities and Investments Commission (ASIC) confirmed that the banning took effect on 5 September 2022. Mr Vick then applied to the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision, as well as stay and confidentiality orders, however, the AAT refused his applications on 17 May 2023.

No hearing date has been set for the substantive review of ASIC’s decision.

“ASIC found that Mr Vick failed to act in the best interests of clients when he recommended his clients roll over their existing superannuation to a newly established self-managed superannuation fund (SMSF) and borrow to invest in residential property,” the regulator said.

“Mr Vick’s business comprised a group of companies that provided services in property sales, mortgage broking, accounting and financial advice,” it added.

ASIC found that Mr Vick:

• did not act in the best interests of clients and provide appropriate advice,
• gave defective statements of advice to clients that contained numerous misleading statements and omissions,
• had a business structure that created conflicts of interest, and that Mr Vick prioritised his interests over the clients’ interests, and
• accepted conflicted remuneration.

ASIC’s surveillance of Mr Vick looked at client files from his time as an authorised representative of Madison Financial Group.