ASIC Permanently Bans Financial Adviser Barry David King

The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Barry David King from providing financial services, effective July 1, 2025. ASIC determined that Mr. King is not a fit and proper person to provide financial services and is likely to contravene financial services law based on several findings.

The regulator found that Mr. King concealed information from clients, made false representations to ASIC, and caused false documents to be provided to his clients. Furthermore, he reportedly managed client funds without written authorization and misused client funds by directing payments towards his personal liabilities.

ASIC also found that Mr. King failed to provide clients with records of their investments or inform them about the fate of their investments. ASIC concluded that his conduct was dishonest, involved the misuse of client funds, and the provision of false documents.

In addition to being banned from providing financial services, Mr. King has also been permanently prohibited from controlling any entity that carries on a financial services business and from performing any function involved in carrying on a financial services business.

Mr. King was an authorized representative for several Australian Financial Service Licensees, including Wealth Effect Advisory Pty Ltd since February 18, 2020. Until August 2024, he also served as a director for companies under the King Financial Group.

ASIC had previously obtained and extended orders preventing Mr. King from leaving Australia, with the latest extension expired on July 1, 2025.