The Australian Securities and Investments Commission (ASIC) has issued a ban to local financial adviser Christopher Edward Luff and revoked the financial services license of his business.
According to the regulator, Luff is not allowed to provide financial services for the next five years starting from April 9, 2024. ASIC has also revoked the financial service license held by his business, Build Your Wealth Pty Ltd.
After financial consumers questioned Luff's profession, ASIC reviewed a sample of his advice files and found that the advice he provided did not represent the best interests of his clients. Luff limited the scope of his advice and did not have a sufficient understanding of his clients' investment needs and financial status.
In addition, ASIC found that Luff had conflicting interests with some of his clients and had failed to prioritize his clients' interests.
The regulator found that Build Your Wealth and Luff did not provide financial services efficiently, honestly, and fairly, failing to comply with the financial services act.