Barry Frank Jennings, a financial adviser based in New South Wales, has been barred from providing and offering fiscal services by the ASIC (Australian Securities and Investments Commission) after allegedly giving advice to SMSF investors to place their money on unlicensed products.

The ban followed an investigation conducted by the ASIC which discovered that Mr. Jennings did not follow laws governing financial services, when he gave fiscal services for the Future Trading Corporation from December 14 2004 up to December 5 2007.

The ASIC concluded both Mr. Jennings and the Future Trading Corporation held no AFS (Australian Financial Services) licence. Both parties were not licensee representatives associated with the fiscal products they were advising on.

Mr. Jennings had purportedly given advice to about 50 investors on methods to setting up self administered superannuation funds and foreign companies to place their money in unregistered fiscal products.

The ban on Mr. Jennings is partly an outcome of an investigation currently underway into the Integrity Plus Fund and the Super Save Superannuation Fund, which particularly aimed for the investment of superannuation funds of investors into foreign investment options, a la "ponzi" style.

Mr. Jennings still has the chance to appeal for his case in the Administrative Appeals Tribunal regarding the ASIC's current verdict.