ASIC Bans Former Financial Adviser


ASIC has banned former financial adviser Gawad Nabi from providing financial services for a period of three years.

The commission says Nabi was an authorised representative of Life Plan FP Pty Ltd from 23 March 2018 to 31 March 2021, a director from 15 November 2019 to 30 December 2022, and a responsible manager from 19 January 2020 to 31 August 2022.

He is also a director of Guardian Group Financial Planning Pty Ltd, a position he has held since 5 January 2018.

The regulator says that an ASIC review of advice provided by Nabi found he had breached various financial services laws by:

  • Failing to act in the best interests of clients
  • Failing to provide advice that was appropriate to his clients
  • Not prioritising the interest of his clients above his own (or that of his AFS licensee)
  • Providing his clients with a disclosure statement that contained misleading or deceptive statements

ASIC found that Nabi “…has failed to maintain the high standards expected of a provider of financial services, that he does not understand the duties and obligations imposed by the Corporations Act on a provider of financial services; and that he cannot be relied upon to discharge the duties and obligations imposed by the Act on a provider of financial services.”