The Australian Securities and Investments Commission (ASIC) has banned Bruce Stuart Davis, a former South Australian financial adviser, from participating in financial services for seven years.
The ban prohibits him from offering financial services, controlling a financial services business, or performing any related functions.
Davis was the sole director, responsible manager, and financial adviser of Wise Investment Advisers (WIA), an AFS licensee.
ASIC’s investigation revealed several breaches of financial service regulations by Davis, particularly related to derivatives. These included:
These actions caused significant financial losses for Davis’ clients.
ASIC, which recently released a joint letter with APRA detailing observations from the banking industry’s implementation of the Financial Accountability Regime (FAR), noted that Davis failed to acknowledge his role in the misconduct or the resulting client losses. This lack of accountability further demonstrated his unfitness to work in the financial services sector.
The ban against Davis is now recorded in ASIC’s banned and disqualified register. He retains the right to appeal the decision to the Administrative Appeals Tribunal for review.
Davis served as a financial adviser with WIA from June 2015 until August 2024. In addition to his advisory role, Davis authored two self-published books: How to Build Riches and Invest Wisely and Grow Rich.
Following the issues with WIA, liquidator Michael Van Dissel was appointed on Aug. 29 to oversee the company’s liquidation.
Former clients of WIA who believe they suffered losses due to Davis’ misconduct are encouraged to file complaints with the Australian Financial Complaints Authority (AFCA), which completed its three-year Independent Review Response Program last week.
For additional information about the liquidation process, creditors can contact Van Dissel at 08 8212 7788 or [email protected].
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