ASIC has banned financial adviser Grant Richard Thomson for five years after he was found to have recommended insurance cover that incorporated mortgages which clients had not yet obtained.
In addition, a review of his work by the regulator found he failed to provide clients with advice that was in their best interests and appropriate for them. ASIC’s review also found Thomson failed to prioritise his clients’ interests.
The review further identified Thomson arranged for clients to sign application forms, ongoing advice service agreements, and authority to proceed documents, prior to clients receiving Statements of Advice.
ASIC concluded Thomson is not a fit and proper person, is not adequately trained or is not competent to participate in the financial services industry, and is likely to contravene a financial services law.
Thomson was a financial adviser with Australian Mortgage And Financial Advisers Pty Ltd from 1 September 2023 to 27 November 2023 when the transgressions took place.
Queensland-based Thomson has been banned from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
However, the banning order does allow Thomson to control Balanced Life Financial Group Pty Ltd (BLFG) and Balanced Life Wealth Strategies Pty Ltd (BLWS) until 31 August 2025. Until 30 September 2025 he can perform any function involved in the carrying on of a financial services business by either BLFG or BLWS.
Thomson has a right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
