Stephen Vick
SR Group are looking into Stephen Vick and the potential of undertaking recovery actions on behalf of affected investors.
If you are a current or former client of Stephen Vick’s we would like to hear from you. Please contact us using the form below to arrange a cost and obligation free discussion of your circumstances and the actions that may be available to you.
Background
In June 2023, Brisbane financial adviser Stephen Garry Vick from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business, for five years.
Stephen Vick was an Authorised Representative of Madison Financial Group Pty Ltd.
The banning took effect on 5 September 2022. Mr Vick applied to the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision, as well as stay and confidentiality orders. The AAT refused his applications for stay and confidentiality orders on 17 May 2023. No hearing date has been set for the substantive review of ASIC’s decision.
ASIC found that Mr Vick failed to act in the best interests of clients when he recommended his clients roll over their existing superannuation to a newly-established self-managed superannuation fund (SMSF) and borrow to invest in residential property.
Mr Vick’s business comprised a group of companies that provided services in property sales, mortgage broking, accounting and financial advice.
ASIC found that Mr Vick:
Getting Help
If you are a current or former client of Stephen Vick’s and are concerned, please contact us to discuss your options. SR Group can help you determine if and whether you have a potential claim on a cost and obligation free basis, as well as your options in pursuing a potential claim.
If you are a current or former client of Stephen Vick’s we would like to hear from you. Please contact us using the form below to arrange a cost and obligation free discussion of your circumstances and the actions that may be available to you.
Background
In June 2023, Brisbane financial adviser Stephen Garry Vick from providing financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services business, for five years.
Stephen Vick was an Authorised Representative of Madison Financial Group Pty Ltd.
The banning took effect on 5 September 2022. Mr Vick applied to the Administrative Appeals Tribunal (AAT) seeking a review of ASIC’s decision, as well as stay and confidentiality orders. The AAT refused his applications for stay and confidentiality orders on 17 May 2023. No hearing date has been set for the substantive review of ASIC’s decision.
ASIC found that Mr Vick failed to act in the best interests of clients when he recommended his clients roll over their existing superannuation to a newly-established self-managed superannuation fund (SMSF) and borrow to invest in residential property.
Mr Vick’s business comprised a group of companies that provided services in property sales, mortgage broking, accounting and financial advice.
ASIC found that Mr Vick:
- did not act in the best interests of clients and provide appropriate advice,
- gave defective statements of advice to clients that contained numerous misleading statements and omissions,
- had a business structure that created conflicts of interest, and that Mr Vick prioritised his interests over the clients’ interests, and
- accepted conflicted remuneration.
Getting Help
If you are a current or former client of Stephen Vick’s and are concerned, please contact us to discuss your options. SR Group can help you determine if and whether you have a potential claim on a cost and obligation free basis, as well as your options in pursuing a potential claim.