Adviser Banned Over Best Interests Concerns

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ASIC has banned Adelaide-based adviser, Peter Anthony Chigwidden, from providing financial services for a period of five years.

Following its review of his advice, ASIC said in a release that it found Chigwidden had “…consistently failed to address the stated needs and objectives of his clients and, as a result, did not provide advice that was in the best interests of his clients.”

The regulator also noted that, where his advice included product switching recommendations, Chigwidden made those recommendations without adequate consideration of the cost impact or other consequences of that advice and failed to properly disclose the costs and consequences of the advice, leaving clients poorly informed.

“Crucially,” continued the statement, “…the switching advice also failed to demonstrate that the recommended product(s) better met the clients’ needs or objectives than their existing product(s).”

ASIC said it considered Chigwidden also failed, in some cases, to provide Statements of Advice and records of advice to clients when he was required to do so and, where he did provide those advice documents, he failed to include specific information such as the fees and costs the clients may incur if they followed his advice.

The regulator noted Chigwidden’s misconduct was brought to its attention by Securitor Financial Group, and that this banning was part of ASIC’s Wealth Management Project, which focuses on the conduct of Australia’s largest financial advice licensees – NAB, Westpac, CBA, ANZ, Macquarie and AMP.



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