The Australian Securities and Investments Commission (ASIC) has published a Financial Services and Credit Panel decision cancelling financial adviser Evan James Byrnes’ registration and prohibiting his registration as a relevant provider for two and a half years. The prohibition takes effect on 23 October 2026 and prevents him from being registered with ASIC until after 23 April 2029. During that period, he must not provide personal advice to retail clients on relevant financial products. The panel found that, over several years, Byrnes failed to maintain adequate records of client annual reviews and charged ongoing advice fees without providing some clients with the services covered by those fees. He also failed to respond to requests from his licensee during audits and investigations into his annual review arrangements. The panel considered his recordkeeping failures and lack of cooperation serious and protracted, and reasonably believed he had contravened section 921E(3) of the Corporations Act 2001 by failing to comply with the Code of Ethics’ values and standards.
Australia's Financial Services and Credit Panel cancels Evan James Byrnes' adviser registration and imposes a two and a half year ban
Australia’s Financial Services and Credit Panel has cancelled Evan James Byrnes’ financial adviser registration and barred him from registration until after 23 April 2029. The decision follows findings of prolonged failures to maintain client review records, fees charged for services not provided to some clients, and a lack of cooperation with his licensee’s audits and investigations. The prohibition begins on 23 October 2026 and prevents him from providing personal advice to retail clients on relevant financial products during that period.