ASIC has banned Brisbane-based former financial adviser, Nathan Smith, from providing financial services for three years.
A statement from the commission says it found that Smith failed to provide financial advice that was appropriate and in the best interests of his clients.
It says that Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.
ASIC states that he also failed to properly disclose in advice documents all the costs and significant consequences of switching products.
The statement says Smith did not provide clients with fee disclosure statements within the 60-day statutory time-frame and that he failed to provide compliant renewal notices in relation to ongoing fee arrangements.
Smith’s banning has been recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
ASIC also notes that Smith has the right to appeal to the Administrative Appeals Tribunal for a review of its decision.
As background the statement says that Smith has been a financial adviser since 2010 and has been authorised by a number of AFS licensees.
“The misconduct, which resulted in this banning, occurred during the time he was an authorised representative of MyPlanner Professional Services Pty Ltd and Total Financial Solutions Australia Limited.”
It’s interesting to note how ASIC is so prompt in banning advisers who, in the main, simply can’t keep up with the Mt Everest-like compliance and other legislature – that’s why they can’t produce the reams of paperwork expected. By contrast, for example, can’t we recount how little support we get from life offices nowadays and how long it takes to get a simple internal quote to increase an existing policy?
As well, what about the questionable conduct of some life offices in offering first year premum discounts, knowing they can increase the premium next year by any figure which takes their fancy? Is ASIC looking to ban them as well?
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