{"id":47788,"date":"2020-01-09T16:46:17","date_gmt":"2020-01-09T05:46:17","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=47788"},"modified":"2020-01-14T16:48:27","modified_gmt":"2020-01-14T05:48:27","slug":"asic-bans-nsw-adviser","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/01\/09\/asic-bans-nsw-adviser\/","title":{"rendered":"ASIC Bans NSW Adviser"},"content":{"rendered":"<p>ASIC has announced it has banned Northern NSW adviser, <strong>David O\u2019Brien<\/strong>, from providing financial services for four years following a surveillance by the regulator.<\/p>\n<p><!--more-->In its release, ASIC stated its review of a sample of O\u2019Brien\u2019s advice files found that he failed to:<\/p>\n<ul>\n<li>Make sufficient inquiries into his clients\u2019 circumstances<\/li>\n<li>Conduct reasonable investigations into their existing financial products<\/li>\n<li>Provide advice based on his clients\u2019 personal circumstances<\/li>\n<\/ul>\n<p>The regulator found that when providing advice on superannuation, O\u2019Brien made no inquiries into matters including whether his clients already had any insurance in place within their existing superannuation arrangements.<\/p>\n<p>ASIC alleges that, when providing insurance advice, O\u2019Brien failed to prepare a needs analysis or objectively assess what level of insurance cover would achieve his clients\u2019 needs. It added that one of his clients had their cover declined for pre-existing medical conditions after their existing insurance had been cancelled, leaving them uninsured.<\/p>\n<p>The regulator says O\u2019Brien, who was an authorised representative of Charter Financial Planning, and most recently, GWM Adviser Services, has the right to appeal to the Administrative Appeals Tribunal for a review of its decision.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASIC has announced it has banned Northern NSW adviser, David O\u2019Brien, from providing financial services for four years following a surveillance by the regulator.<\/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-47788","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47788","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=47788"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/47788\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=47788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=47788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=47788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}