August 27, 2019
ASIC has banned Bundaberg-based financial adviser Peter Goudie from providing financial services for four years.
The regulator found Goudie “…failed to comply with financial services laws including the requirement to comply with the best interests duty and to prioritise his clients’ interests.”
This finding stems from an ASIC surveillance of Goudie’s activities when he was an authorised representative of Risk and Investment Advisors Australia Pty Ltd and National Australia Bank-owned GWM Adviser Services Pty Ltd.
When providing personal advice, according to ASIC, Goudie “…did not adequately identify his clients’ objectives, financial situation and needs or investigate whether the financial products he was recommending would meet their needs.”
ASIC noted the adviser also failed to give a number of his clients a Statement of Advice and that in all circumstances where his advice was not in the best interests of his clients, it was found that Goudie gave priority to generating fees and commissions for himself.
ASIC Commissioner, Danielle Press said, “Assessing client needs and providing a clear Statement of Advice are critical parts of the advice process. Advisers must remember that failing to provide the necessary advice documentation to clients is a serious breach of the law.”
Goudie has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.