ASIC has banned a Queensland financial adviser from providing financial services for four years after it found he failed to act in the best interests of his clients when providing advice on insurance and superannuation.
The regulator banned Gerald Grubwinkler after it found he had failed to:
- adequately identify the subject matter and scope of the advice sought by his clients;
- make reasonable enquiries into his clients’ relevant circumstances, such as obtaining information on income and living expenses;
- adequately investigate alternative strategies and products that may have been suitable for his clients’ objectives; and
- provide an SOA prior to recommending the establishment of an SMSF.
The ban follows a review of advice provided to clients of Grubwinkler while he was an authorised representative of Suncorp Financial Services from March 2009 to May 2016. Since that time he was an authorised representative of Matrix Planning Solutions from May 2016 to September 2017 and Clearview Financial Advice from September 2017 to January 2018.
Grubwinkler’s ban will be recorded on ASIC’s Financial Advisers Register and has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
In related news, ASIC has also permanently banned a Victoria adviser from providing financial services after he engaged in dishonest and deceptive conduct towards his clients.
The regulator banned Grant Desmond Taylor, of Montmorency, Victoria, after it found that between August 2007 and September 2016, Taylor dishonestly withdrew at least $1,951,000, primarily sourced from private client funds, and used these funds for both personal and business expenses.
At the time, Taylor was an authorised representative of GWM Adviser Services from December 2003 to June 2013 as well as principal of his own company, TFG Advice Solutions, which was a corporate authorised representative of GWM from November 2012 and December 2016.
ASIC also found that after 20 June 2013, Taylor held out he was authorised to provide advice and financial services on behalf of GWM to a number of private clients when he was not personally authorised to do so.
Taylor’s ban will be recorded on ASIC’s Banned and Disqualified Register and he has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
