Ex-AFL player booted from financial sector

A FORMER AFL footballer will leave the financial planning industry for at least two years after his Gold Coast firm lost its licence to operate because of alleged wrongdoing.

The setback for Mark “The Fridge’’ Roberts, 52, of Tweed Heads, and his Breakaway Finance Group followed an investigation by the Australian Securities and Investments Commission.

The regulator announced yesterday that the Burleigh Heads business “did not effectively deal with conflicts of interest’’ and had failed “to ensure compliance with relevant laws’’.

Mr Roberts was also singled out for criticism.

ASIC said he “failed to make reasonable inquiries into the clients’ relevant circumstances prior to providing advice’’ and had recommended insurance cover even though clients could not afford the premiums.

As part of his minimum two-year exit from the industry, Mr Roberts has also agreed not to act as a director or other key figure of any financial licensee.