ASIC issues 6 and 4 year bans from providing financial advice

ASIC has banned two Victorian men from providing financial advice.

ASIC announced that it had banned Mr David Heycock and Mr Stuart Arnold-Levy from providing financial services, for a period of six years and four years respectively.

“Mr Heycock was the director of Corporate Superannuation Pty Ltd (previously Australian Superannuation Pty Ltd and Superannuation in Australia Today Pty Ltd) which traded under the business name MySuperMan. Mr Arnold-Levy was an employee of Corporate Superannuation Pty Ltd (and its predecessor entities) before subsequently becoming the director,” said the statement by ASIC.

ASIC said its investigation, which focused on the years 2013 to 2015, identified concerns about the activities of the two men. These concerns included “poor and unlicensed advice provided by them to certain clients”, “information and advice provided to clients and former clients in relation to a residential property development” and “money loaned to clients of MySuperMan by entities related to Mr Heycock, and money loaned by clients’ self managed superannuation funds to the MySuperMan business itself”.

ASIC says it found that Mr Heycock had breached the Corporations Act by operating a financial services business and providing financial advice without a licence or being an authorised representative. He also, according to ASIC, provided financial advice that was not in the clients’ best interest, failed to provide Statements of Advice and failed to disclose “potentially conflicted remuneration”.

ASIC says it found Mr Arnold-Levy had breached the Act by “being aware of and involved in Mr Heycock’s unlicensed conduct” and providing financial advice that was not in the clients’ best interest.

Both Mr Heycock and Mr Arnold-Levy were authorised representatives of Charter Financial Limited, a subsidiary of the AMP Group, until they were suspended on 28 March 2014. Superannuation in Australia Today Pty Ltd was also, until 28 March 2014, a Corporate Authorised Representative of Charter Financial Limited.

ASIC notes that both men can appeal to the AAT for a review of ASIC’s decision.

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