Meritum Financial Group – the services of which span insurance, investment, and superannuation – had a financial adviser that the Australian Securities & Investments Commission (ASIC) has deemed incompetent.
David Horton, according to ASIC, failed to provide financial advice that was appropriate and in the best interests of his clients during his time as an authorised representative of Meritum. In addition, the Hobart-based executive breached financial services laws by not keeping proper records.
“ASIC also found that Mr Horton was not competent and was not adequately trained to provide financial services,” said the regulator, which slapped the D & M Horton Holdings director with a five-year ban.
D & M Horton Holdings used to be known as Fort Financial Group, a Meritum authorised representative for five years from February 2012. ASIC noted that in 2017 Horton moved from Meritum to an administrative post at FF Planning Solutions where he provided unlicensed advice.
The banned financial adviser, meanwhile, has the right to appeal to the Administrative Appeals Tribunal.
