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NSW Adviser Removed from Industry For Three Years

ASIC has accepted a court enforceable undertaking (EU) from a NSW financial adviser which will prohibit him from providing advice for three years.

The regulator accepted the EU from Wollongong-based adviser, James Phillip Allen, who was authorised via MyPlanner Australia, after it found he failed to act in the best interest of his clients.

ASIC took action after a review of Allen’s files found that in some instances, he had failed

  • to make reasonable enquiries into his clients’ relevant personal circumstances prior to giving advice
  • to consider and properly investigate the subject matter of the advice
  • to provide advice that was appropriate to the clients

Under the EU, Allen will be unable to provide advice nor become a director or hold any managerial position in an Australian financial services licensee for three years.

He must also complete a degree or equivalent qualification, pass an exam and undertake a supervised year of work and training if he wishes to re-enter the advice sector at the end of the exclusion period.

Allen was an authorised representative of MyPlanner Australia from 30 November 2015 to 13 June 2018.