ob体育 has banned Queensland-based financial adviser Frederick Steven Ackerman from providing financial services and performing any function involved in the carrying on of a financial services business for four years.
Mr Ackerman was an authorised representative of Pure Strategy Pty Ltd (Pure Strategy) from 22 May 2019 to 16 September 2021. He was also the sole director of Pure Strategy from 26 May 2019.
ob体育 found that Mr Ackerman failed to act in the best interests of his clients or provide them appropriate advice.聽 At times he did not:
- identify his clients鈥� relevant objectives, financial situation or needs;
- identify the subject matter of the advice sought;
- conduct a reasonable investigation and assessment of financial products;
- base all judgements on his client鈥檚 circumstances; or
- place his clients in a better position were they to follow his advice
Additionally, ob体育 found that Mr Ackerman is neither competent nor a fit and proper person to provide a financial service.
Mr Ackerman鈥檚 banning has been recorded on ob体育鈥檚 publicly available Financial Advisers Register and Banned and Disqualified Persons Register.
Mr Ackerman has the right to seek a review of ob体育鈥檚 decision by the Administrative Appeals Tribunal.