Australian Securities and Investments Commission (Asic) has banned Sydney-based financial adviser Jim Pavlidis from providing financial services for three years.
The regulator’s review of Pavlidis’ advice between 2004 and 2018 found that he “failed to provide financial advice that was in the best interests of his clients and to keep proper records” and “failed to consider the relevant circumstances of each client and left client objectives unaddressed”, Asic said.
Asic also found that Pavlidis was “not adequately trained and did not have a proper understanding of the requirements to competently provide financial services”.
The banning of Pavlidis will be recorded on Asic’s Financial Advisers Register and the Banned and Disqualified Persons Register.
Pavlidis has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.
Background
He began working in the financial services industry in 1986.
Most recently, Pavlidis was an authorised representative of Consultum Financial Advisers from January to October 2018 and Meritum Financial Group from April 2004 to January 2018.
He is currently not working in the financial industry.
