ASIC has banned Mr Steven Edward Fleetwood of Glenelg North, South Australia from providing financial services for five years.

ASIC’s investigation found that from March 2004 to October 2008, Mr Fleetwood undertook discretionary share trading on behalf of clients as part of the Premier Service. During this time, Mr Fleetwood was not authorised to provide this service and FLAG did not hold an Australian Financial Services Licence covering the provision of a discretionary managed account service.

ASIC’s investigation also found that Statements of Advice given by Mr Fleetwood to clients did not include sufficient detail about the advice provided and the basis on which the advice was given. Mr Fleetwood also provided a Statement of Advice to a client after he had traded shares on their behalf.

Mr Fleetwood has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Further details are available at ASIC.