The Australian Securities and Investments Commission (ASIC) has banned former NSW-based financial planner David Rosewell for two years for non-compliance with financial service laws.

An authorised representative of Financial Wisdom until July last year, Mr Rosewell was banned from acting as a financial planner and dealers’ representative after ASIC found he used investment money from a client as a loan for one of his companies.

ASIC Deputy Executive Director Enforcement Mark Steward says the ban emphasises financial planners will not get away with advising or encouraging clients to make investments outside the limits of their licence. “That’s especially the case when the nature of the investment is one in which the adviser also has a personal interest.”