The Australian Securities & Investment Commission (ASIC) announced banning financial adviser Sean Philip Lewis from providing financial services for five years following surveillance of Lewis’ advice while he was an authorised representative of Spectrum Wealth Advisers.
The Australian regulator found that Lewis did not comply with financial services law as he failed to act in the best interest of his clients and his advice was not appropriate for his clients’ objectives.
Lewis was also an authorised representative of other AFS licensees including:
- Wealth Today Pty Ltd (October 2010 to January 2012);
- GWM Adviser Services Limited, which is owned by National Australia Bank (January 2012 to November 2012);
- AMP Financial Planning Pty Limited (December 2012 to January 2013);
- Chubb Insurance Australia Ltd (January 2013 to June 2013);
- Meritum Financial Group Pty Ltd, which is owned by National Australia Bank (September 2013 to October 2013);
- Spectrum Wealth Advisers Pty Ltd (December 2013 to June 2018);
- Consolidated Mercantile Group Ltd (July 2019 to January 2020).