ASIC has permanently banned financial adviser, Barry David King, from providing financial services. ASIC determined that Mr King is not a fit and proper person to provide financial services and that he is likely to contravene a financial services law due to finding that he:
- concealed information from his clients
- made false representations to ASIC
- caused false documents to be provided to his clients
- managed client funds without obtaining written authorisation
- misused client funds by directing payment of those funds to his personal liabilities, and
- did not provide clients with records of their investments or inform them about the fate of their investments.
ASIC found that Mr King's conduct was dishonest, involved the misuse of client funds and the provision of false documents.
Mr King has also been permanently banned from:
- controlling an entity that carries on a financial services business, and
- performing any function involved in the carrying on of a financial services business.
The banning took effect from 1 July 2025.
Mr King's banning has been recorded on Banned and Disqualified Register.
Mr King has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.
Background
Mr King was an authorised representative of the following Australian Financial Service Licensees:
- Principal Financial Group Pty Ltd from 6 November 2007 to 22 October 2014
- Total Financial Solutions Australia Pty Ltd from 22 October 2014 to 17 February 2020, and
- Wealth Effect Advisory Pty Ltd since 18 February 2020.
Until August 2024, Mr King was a director of Wealth Effect Advisory Pty Ltd, King Financial Group (NSW) Pty Ltd, King Financial Group (QLD) Pty Ltd and King Financial Group VIC Pty Ltd (collectively known as the King Financial Group).
On 22 July 2024 ASIC obtained orders to prevent Mr King from leaving or attempting to leave Australia until 1 April 2025, the orders were subsequently extended to 1 July 2025 (24-160MR).
ASIC's investigation into Mr King's conduct is ongoing.
