ASIC has permanently banned the director of Totem Wealth Pty Ltd, James Carlos Reynolds, of Robina, Queensland, from providing financial services.

From 2017 until the time of the ban, Mr Reynolds was the sole director of Totem Wealth, an advisory firm which claimed to offer “lifestyle” financial advice.

In banning Mr. Reynolds, ASIC found that his conduct demonstrated that he was not a fit and suitable person to provide financial services or operate in any capacity in the industry.

ASIC also found that Mr. Reynolds lacked the honesty, integrity, professionalism and good judgment expected of someone working in the financial services industry.

Mr. Reynolds did not appear at the hearing and did not address ASIC’s concerns.

The prohibition permanently bars Mr. Reynolds from providing any financial services, controlling an entity that conducts a financial services business, and performing any function involved in operating a financial services business.

Mr. Reynolds has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

The ban was listed on the Prohibited and Disqualified Persons Register.

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