Financial adviser Nicholas Hogan has been banned by ASIC from the financial services industry for four years for failing to act in the best interests of clients.
The regulator claims Hogan, based in Victoria, engaged in misleading, deceptive and or unprofessional conduct by:
- Impersonating other advisers
- Knowingly having SOAs prepared by others in his name
- Presenting SOAs in the name of other advisers to clients of Venture Egg and Reilly Financial with limited interaction between himself and the clients
ASIC states Hogan gave advice to four clients to switch their superannuation funds using an advice process that outsourced key parts of the advice process, including the fact find and risk profile assessment to an unlicensed third party referral partner.
ASIC found Hogan gave predetermined advice outcomes based on a template SOA which recommended clients switch their existing superannuation funds to Netwealth and retain a standard sum of $10,000 in each of the existing superannuation funds for insurance purposes.
The banning order took effect from 18 December 2025. On 22 December 2025, Hogan lodged an application with the Administrative Review Tribunal seeking a review of ASIC’s decision, as well as an application for a stay and confidentiality order pending the outcome of the review.
Hogan later withdrew his application for a review of ASIC’s decision, as well as the application for stay and confidentially orders, and the ART confirmed the application was dismissed.
