The Australian Securities and Exchange Commission (ASIC) has permanently banned the financial adviser, Barry David King, from the provision of financial services.
The regulator found that Mr King is not a suitable and appropriate person for the provision of financial services and that he is likely to violate a financial services law due to the finding that he had hidden information from his clients and made false performances in ASIC. He also caused false documents to his clients and managed customer funds without receiving written authorization. In addition, he abused customers’ funds by directing the payment of these funds to his personal obligations and did not provide their customers files for their investment or informing them of the fate of their investments.
Asic found that Mr King’s behavior was dishonest, involving the abuse of customers’ capital and the provision of false documents.
Mr King has also been permanently banned by the control of an entity carried out by a financial services enterprise and the execution of any operation involved in the transfer of a financial services company.
The prohibition came into force on July 1, 2025.
Mr King was an authorized representative of the following licenses of the Australian Financial Service:
- Main Economic Group PTY LTD from November 6, 2007 to October 22, 2014
- Total Financial Solutions Australia Pty Ltd from October 22, 2014 to February 17 2020 and
- Wealth Effect Advisory Pty Ltd from February 18 2020.
By August 2024, Mr. King was director of 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 July 22, 2024, ASIC took orders to prevent Mr King from leaving or trying to leave Australia by April 1, 2025, the commands were then expanded on July 1, 2025.