ASIC has accepted a court-enforceable undertaking from former Acquire Strategic Advisers Pty Ltd director and financial adviser, Gregory Blackaby, from Brisbane, Queensland.
ASIC’s investigation revealed that Mr Blackaby failed to keep adequate and up-to-date records to show he had provided clients with services they were entitled to under ongoing service arrangements.
Under the terms of the undertaking, Mr Blackaby has agreed that he will not:
carry on a financial services business,
provide financial services, or
act in a managerial capacity of any entity operating a financial services business or providing legal, accounting or other advisory services to a financial services business.
Mr Blackaby was also an authorised representative of Capstone Financial Planning ACN 093 733 969 (AFS Licence no. 223135).
Capstone and Mr Blackaby are undertaking a remediation program for Mr Blackaby’s clients. To date, the program has refunded over $500,000 to clients where the records were not sufficient to ensure that clients had received the services they were entitled to.
Under the terms of the undertaking, Mr Blackaby is also required to notify all clients of the remediation program and their rights to complain to AFCA if they have disputes with Capstone that cannot otherwise be resolved.