ASIC has banned former Commonwealth Financial Planning and Financial Wisdom adviser Koresh Daniel Houghton for “deceptive and dishonest conduct” after surveillance found he had falsified documents and failed to act in his clients’ best interests.
Mr Houghton was found to have created false documents by “cutting and pasting” client signatures onto letters nominating himself as the clients’ adviser, had submitted insurance application forms on behalf of clients with incorrect information, didn’t make reasonable inquiries into clients’ objectives or financial situation, and failed to conduct reasonable investigation into financial products that might help clients achieve those objectives.
ASIC’s surveillance looked at client files from Mr Houghton’s time as an authorised representative of Financial Wisdom and cross-endorsed as an authorised representative of Commonwealth Financial Planning (July 2013 – January 2015), and his time with Dover Financial Advisers (January 2015 – October 2016).
“Consumers should be confident that their financial adviser is honest and acting in their best interests,” said ASIC deputy chair Peter Kell.
“ASIC will continue to take action and remove advisers who engage in serious misconduct and breach community trust.”