ASIC has obtained an injunction restraining John Michael Higgins, a director of Macquarie Town Financial Planning, from providing financial products or services advice or dealing with clients’ funds until further orders.

The order was made by Justice Windeyer in the NSW Supreme Court after ASIC became aware that Mr Higgins was providing financial advice although his authority has been revoked.

Mr Higgins was previously an adviser with brokers Garrisons, who terminated his authority to provide advice on March 12 after allegedly discovering he had placed clients’ money in his own business account.