Former Newcastle adviser banned for 5 years

Darren Mink was an authorised representative of AMP Financial Planning Pty Limited (AMPFP) and the sole director of Pinnacle Financial and Investment Services Pty Ltd, which was a corporate authorised representative of AMPFP.

The corporate regulator said the bans prevent Mr Mink from providing any financial services, controlling a financial services business, performing any function involved in the carrying on of a financial services business, and engaging in credit activities.

ASIC found that Mr Mink is not adequately trained or competent to provide financial services or engage in credit activities due to his conduct when he:

• Placed himself in a position of real conflict of interest and he failed to appropriately manage that conflict.
• Failed to provide appropriate advice to some clients.
• Provided advice documents that were confusing and did not reflect all of the advice provided.
• Does not understand the importance of following a proper process in relation to obtaining client signatures.

ASIC said that it had initially made the banning orders against Mr Mink on 2 June 2023, however on 14 June 2023, Mr Mink applied to the Administrative Appeals Tribunal for review of ASIC’s decisions and stay and confidentiality orders.

On 6 December 2023, Mr Mink withdrew his application for stay and confidentiality orders.