Australia’s financial services regulator has permanently banned financial adviser Barry David King from providing financial services, citing serious misconduct including dishonesty and misuse of client funds.
Australian Regulator ASIC Bans Financial Adviser Barry King
In a statement released on July 7, the Australian Securities and Investments Commission (ASIC) said Mr King was “not a fit and proper person” to operate in the sector and was likely to breach financial services law again.
ASIC said it found that Mr King concealed information from clients, submitted false documents, misused funds to pay personal liabilities, and managed money without proper authorisation.
He also failed to provide records or disclose what had happened to clients’ investments.
The conduct was “dishonest, involved the misuse of client funds and the provision of false documents,” ASIC stated.
The ban, effective from July 1, also prevents King from controlling or being involved in any financial services business. His name has been added to ASIC’s Banned and Disqualified Register.
King had been an authorised representative of several financial services licensees since 2007, including Wealth Effect Advisory Pty Ltd and the Principal Financial Group. He was also a director of multiple companies under the King Financial Group banner.
ASIC revealed it had previously obtained court orders restricting King from leaving Australia until July 2025. The regulator said its investigation into his conduct remains ongoing.
