ASIC has banned Perth adviser, Anthony Hilsley, from providing financial services for four years.
The regulator states this action follows surveillance of Hilsley’s activities when he was an authorised representative of RI Advice Group, while noting he was most recently an authorised representative of Fiducian Financial Services.
It found Hilsley failed to comply with financial services laws, including failing to provide financial advice that was in the best interests of his clients.
According to ASIC, a review of Hilsley’s advice files revealed that he did not identify, or make sufficient enquiries into, his clients’ personal circumstances, properly consider his clients’ objectives and needs, and, in some cases, did not consider their existing products when providing personal advice.
The regulator cited one example where Hilsley recommended replacing superannuation and insurance products for a client without taking their pre-existing medical condition into account:
“As a result, a loading was added to the premium, which could have been avoided if Mr Hilsley had considered the suitability of the client’s existing products to meet their ongoing insurance needs,” stated ASIC.
Unfortunately the only thing this adviser seems to have done wrong (in the eyes of the law) was PROVIDE PERSONAL ADVICE. I have come accross so so so many clients who have called super fund themselves and been promised the world by the call centre sales person at the super fund and told “our insurance is auto acceptance and has no exclusions” only to find out too late that the auto acceptance cover is inadequate and now they cannot ever get their insurance cover again.
This guy doesnt deserve to be advising as he clearly didnt do whats right by the client and should never be trusted by anyone ever again, however its sad that the direct sales network can continue to get away with exactly what this maggot has been doing.
Comments are closed.