Former Macquarie adviser cops lifetime ban

A former Macquarie Group financial adviser has been permanently banned from the industry, following an ASIC investigation into the adviser's "dishonest" and "misleading" behaviour.

ASIC has permanently banned Queensland-based adviser, Warren Scott Acworth, from providing financial services.

ASIC found Acworth had engaged in "misleading conduct relating to a financial product" between December 2015 and May 2018 - the entire time he was licensed by Macquarie.

After this, the ASIC Financial Adviser Register shows Acworth moved to Shaw and Partners where he worked until 31 December 2019.

ASIC said Acworth undertook dishonest trades on behalf of his clients while working for Macquarie Equities in the form of MINI warrants (shares, indices, currencies or commodities).

Acworth "misrepresented to his client the value of the client's portfolio on 19 separate occasions," it said.

He also "engaged in trading without proper authority of the client; and transferred $185,000 between the client's accounts without authority."

ASIC argued that, based on this conduct, "Acworth is not of good fame and character to provide financial services".

Acworth has also previously been licensed by UBS Asset Management (2008-2015) and Westpac (2001-2008).

Acworth's ban comes as part of the corporate regulator's wealth management project, which aims to lift standards among Australia's major financial advice providers.

The project focuses on the conduct of large firms such as NAB, Westpac, CBA, ANZ and AMP.

Read more: Macquarie GroupWestpacANZASIC Financial Adviser RegisterCBAMacquarie EquitiesNABShaw and PartnersUBS Asset ManagementWarren Scott Acworth
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