December 1, 2017
A Victorian financial adviser has been banned for three years after failing to act in the best interests of clients when switching their life insurance and superannuation.
ASIC banned Julie Hamilton, of Warragul, Victoria, after it found she had failed make enquiries into her clients’ financial circumstances when recommending they switch their superannuation and insurance.
The regulator also stated that Hamilton had failed to consider her clients’ circumstances when providing advice on superannuation and insurance, and to give priority to the interests of her clients when providing advice, and also failed to disclose fees and charges associated with the implementation of her advice.
ASIC stated the actions took place while Hamilton was an authorised representative of Financial Wisdom Ltd (from February 2011 to November 2014) and also while an authorised representative of Dover (since November 2014).
Hamilton’s banning will be recorded on ASIC’s Financial Adviser Register, and is part of ASIC’s Wealth Management Project to lift the standards of major financial advice providers, including Financial Wisdom which is owned by the Commonwealth Bank.
Hamilton has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.