ASIC Bans Perth Adviser

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ASIC has banned Perth-based financial adviser, Lawrence O’Neill, from providing financial services for four years, following an ASIC surveillance of O’Neill’s activities when he was an authorised representative of Godfrey Pembroke Limited, owned by National Australia Bank, and Wealthsure Financial Services Pty Ltd.

The regulator found that O’Neill failed to comply with financial services laws and is not adequately trained to provide financial services.

A review of O’Neill’s advice files found that:

  • He did not properly consider his clients’ circumstances or objectives
  • In some cases, did not consider their existing products when providing personal advice
  • Failed to explain why ongoing advice was required for some of his clients

In addition, ASIC found that O’Neill failed to:

  • Disclose to his clients his relevant associations and relationships with product issuers
  • To clearly explain the benefits he and his licensee stood to gain if the clients proceeded with his recommendations

The regulator stated it expects financial advisers providing personal advice to prioritise their clients’ interests over their own and to be transparent about potential conflicts of interest so clients can make better informed decisions.

ASIC added that the banning of O’Neill will be recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register and he has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.



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5 COMMENTS

  1. His livelihood taken away on a pack of lies. The Asic delegates that interview and decide on people’s lives (Advisor) have no idea about the industry, zero, zilch.
    They come with a mindset to get rid of you and their deaf, dumb and blind.

      • What’s the point, how many cases get overturned at the AAT? “0”
        We never hear any good news stories when advisers win at appeal.
        MM you are right when you are in ASIC’s sites you may as well give up the fight. Don’t waste your money!! It’s just one government department scratching the back of another.

    • I knew another that was also banned for 5 years. Whatever answer he gave was retorted with endless why’s. Like ‘Why did you recommend pay out of cash flow and not through super?’ and on another client where cash flow was limited, ‘Why did you recommend super to pay for it and not cash flow?’

      You will not win.

      • Only one way, spend a lot of money.

        But assuming one has not defrauded clients.

        To ban an adviser for honest mistakes like above is unjust.

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