{"id":47262,"date":"2019-11-21T13:49:55","date_gmt":"2019-11-21T02:49:55","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=47262"},"modified":"2019-11-26T09:23:59","modified_gmt":"2019-11-25T22:23:59","slug":"asic-bans-perth-adviser","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/11\/21\/asic-bans-perth-adviser\/","title":{"rendered":"ASIC Bans Perth Adviser"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">ASIC has banned Perth-based financial adviser,\u00a0<strong>Lawrence O\u2019Neill<\/strong>, from providing financial services for four years, following an ASIC surveillance of O\u2019Neill\u2019s activities when he was an authorised representative of Godfrey Pembroke Limited, owned by National Australia Bank, and Wealthsure Financial Services Pty Ltd.<\/span><\/p>\n<p><!--more--><\/p>\n<p class=\"p1\"><span class=\"s1\">The regulator found that O\u2019Neill failed to comply with financial services laws and is not adequately trained to provide financial services.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A review of O\u2019Neill\u2019s advice files found that: <\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">He did not properly consider his clients\u2019 circumstances or objectives <\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">In some cases, did not consider their existing products when providing personal advice<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">Failed to explain why ongoing advice was required for some of his clients<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">In addition, ASIC found that O\u2019Neill failed to: <\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">Disclose to his clients his relevant associations and relationships with product issuers<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">To clearly explain the benefits he and his licensee stood to gain if the clients proceeded with his recommendations<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">The regulator stated it expects financial advisers providing personal advice to prioritise their clients\u2019 interests over their own and to be transparent about potential conflicts of interest so clients can make better informed decisions.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">ASIC added that the banning of O\u2019Neill will be recorded on ASIC&#8217;s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register and he has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC\u2019s decision.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASIC has banned Perth-based financial adviser,\u00a0Lawrence O\u2019Neill, from providing financial services for four years, following an ASIC surveillance of O\u2019Neill\u2019s activities when he was an authorised representative of Godfrey Pembroke Limited, owned by National Australia Bank, and Wealthsure Financial Services Pty Ltd.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-47262","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47262","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\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=47262"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47262\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=47262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=47262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=47262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}