ASIC bans former Newcastle adviser for five years

ASIC has banned Darron Mink from providing financial services or engaging in credit activities for a period of five years.

Mr Mink was an authorised representative of AMP Financial Planning Pty Limited (AMPFP) and the sole director of Pinnacle Financial and Investment Services Pty Ltd, which was a corporate authorised representative of AMPFP.

The bans prevent Mr Mink from providing any financial services, controlling a financial services business, performing any function involved in the carrying on of a financial services business and engaging in credit activities.

ASIC found that Mr Mink is not adequately trained or competent to provide financial services or engage in credit activities due to his conduct when he:

placed himself in a position of real conflict of interest and he failed to appropriately manage that conflict;
failed to provide appropriate advice to some clients;
provided advice documents that were confusing and did not reflect all of the advice provided; and
does not understand the importance of following a proper process in relation to obtaining client signatures.
On 2 June 2023, ASIC made the banning orders against Mr Mink. On 14 June 2023, Mr Mink applied to the Administrative Appeals Tribunal for review of ASIC’s decisions and for stay and confidentiality orders.

On 6 December 2023, Mr Mink withdrew his application for stay and confidentiality orders.

ASIC’s Moneysmart website has useful information for consumers about how to choose a financial adviser, how to complain about a financial adviser, and what to do if their adviser is banned.

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