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.