September 5, 2018
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.