ASIC bans bankrupt financial adviser

ASIC has banned Queensland-based financial adviser, Kelvin William Roy Fair, from providing financial services.

Mr Fair, who is an undischarged bankrupt, has been banned from providing financial services for six months until 6 November 2014.

Mr Fair was an authorised representative of Ballast Financial Management Pty Ltd and an employee and sole shareholder of Australian Global Insurance Services Pty Ltd.

Mr Fair falsely represented to his Australian financial services (AFS) licensee that he was not a bankrupt, and in so doing deprived the AFS licensee of the opportunity to disclose his bankruptcy to the AFS licensee’s insurer. Mr Fair also failed to comply with his obligations as a bankrupt.