Beenleigh-based adviser, Ian Victor Haisman, has been banned by ASIC from providing financial services for a period of seven years, after the regulator found that Haisman failed to act in the best interests of his clients.
ASIC’s surveillance looked at advice provided by Haisman to clients from early 2016 to early 2018 when he was an authorised representative of Bristol Street Financial Services Pty Ltd.
A review of a number of Haisman’s advice files revealed that he had not provided advice that was tailored to his clients’ individual circumstances, needs and financial goals.
In some instances, Haisman provided inappropriate advice by recommending very high levels of insurance cover compared to the clients’ income or by recommending life insurance policies to clients with no known dependants and no reasonable basis for the policies.
When recommending an investment strategy which involved product switching, he did not adequately investigate his clients’ existing superannuation and insurance arrangements or provide product cost and risk comparisons. Instead, he used templated strategies and made recommendations that were applied regardless of his clients’ personal circumstances.
“Financial advisers providing personal advice are required by law to act in the best interests of their clients.”
ASIC also found that Haisman failed to provide statements of advice that were clear, concise and effective to all his clients.
ASIC Commissioner, Danielle Press says, “Financial advisers providing personal advice are required by law to act in the best interests of their clients.
“ASIC expects advisers to take into account their clients’ personal circumstances, needs and financial goals to ensure that the advice they provide is appropriate. Failing to do so clearly indicates a lack of regard for the law and for the interests of clients,” Press said.
Haisman has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
