Financial adviser Walter Yaolong Guan, of Sydney, New South Wales, has been banned for five years from providing any financial services or controlling an entity that carries on a financial services business.
ASIC found that between March 2017 and August 2021, Mr Guan, through his company Perennial Growth Pty Ltd, carried on a financial services business when he traded shares on behalf of clients and used managed discretionary accounts, despite neither he nor his company holding an Australian financial services (AFS) licence.
For part of that period, Mr Guan was an authorised representative of an AFS licensee. However, Mr Guan's authorisation did not permit him to trade shares on, or operate, managed discretionary accounts.
ASIC also found that Mr Guan was not competent to provide financial services as he had failed to identify that he required an AFS licence to conduct a financial services business in Australia, failed to maintain adequate client records and breached his authorised representative agreement with his AFS licensee.
Mr Guan's banning is recorded on ASIC's banned and disqualified register.
Mr Guan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
