ASIC has announced it has banned Tasmanian adviser, Matthew Geappen, from providing financial services for a period of five years.
In its release, ASIC stated its concerns “…related to Geappen’s practice of advising his clients to switch from one insurance product to another which allowed him to generate commissions from insurance providers.”
The regulator noted its investigation found that Mr Geappen:
- Failed to act in the best interests of his clients
- Failed to give advice that was appropriate
- Failed to give priority to the interests of his clients over his own interests
- Was not adequately trained or competent to provide financial services
ASIC noted Mr Geappen was an authorised representative of Financial Wisdom Limited from 18 December 2006 to 8 December 2016, and that the action it took was in response to information it received from Financial Wisdom regarding concerns relating to Mr Geappen’s advice and advice processes, which spanned superannuation, insurance and income protection product advice.
The regulator also noted Geappen has exercised his right to appeal to the Administrative Appeals Tribunal for a review of its decision.
