{"id":39003,"date":"2017-11-14T20:36:49","date_gmt":"2017-11-14T09:36:49","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=39003"},"modified":"2017-11-14T20:36:49","modified_gmt":"2017-11-14T09:36:49","slug":"queensland-adviser-accepts-eu-for-best-interests-failure","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/11\/14\/queensland-adviser-accepts-eu-for-best-interests-failure\/","title":{"rendered":"Queensland Adviser Accepts EU For Best Interests Failure"},"content":{"rendered":"<p>A Queensland financial adviser has agreed to cease providing financial services for five years after ASIC found he failed to consider the best interests of clients while providing life insurance advice.<\/p>\n<p><!--more--><\/p>\n<p>ASIC stated it had accepted an\u00a0enforceable undertaking (EU) from\u00a0<strong>Dean Scott Hartmann<\/strong>, of Toowoomba, Queensland, after surveillance raised concerns about his advice to clients.<\/p>\n<p>Under the EU, Hartmann will be unable to provide financial services for at least five years and will be required to follow supervision requirements if he re-enters the industry.<\/p>\n<p>These requirements include having each piece of advice audited by his licensee for a period of six months and recording and implementing any changes requested by the licensee.<\/p>\n<p>Hartmann was an authorised representative of\u00a0Hart Ensole Pty Ltd from 1 August 2012 to 30 June 2017 and following a review of client files provided by the company, ASIC found\u00a0he:<\/p>\n<ul>\n<li>failed to act in the best interests of clients when recommending a switch from an existing insurance arrangement into alternative products<\/li>\n<li>failed to make reasonable inquiries into clients&#8217; relevant objective, financial situation and needs<\/li>\n<li>failed to\u00a0conduct reasonable investigations into clients&#8217; objectives for insurance requirements or insurance products that could satisfy clients&#8217; objective<\/li>\n<li>advised clients to switch insurance arrangements and superannuation funds when it was not appropriate to do<\/li>\n<\/ul>\n<p>ASIC also acknowledged Hartmann&#8217;s cooperation with the regulator during its investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Queensland financial adviser has agreed to cease providing financial services for five years after ASIC found he failed to consider the best interests of clients while providing life insurance advice.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-39003","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=39003"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/39003\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=39003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=39003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=39003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}