{"id":71540,"date":"2024-05-23T12:40:44","date_gmt":"2024-05-23T02:40:44","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=71540"},"modified":"2024-05-31T10:09:57","modified_gmt":"2024-05-31T00:09:57","slug":"asic-bans-former-financial-adviser","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/05\/23\/asic-bans-former-financial-adviser\/","title":{"rendered":"ASIC Bans Former Financial Adviser"},"content":{"rendered":"<p>ASIC has banned former financial adviser <strong>Gawad Nabi<\/strong> from providing financial services for a period of three years.<\/p>\n<p>The commission says Nabi was an authorised representative of Life Plan FP Pty Ltd from 23 March 2018 to 31 March 2021, a director from 15 November 2019 to 30 December 2022, and a responsible manager from 19 January 2020 to 31 August 2022.<\/p>\n<p>He is also a director of Guardian Group Financial Planning Pty Ltd, a position he has held since 5 January 2018.<\/p>\n<p>The regulator says that an ASIC review of advice provided by Nabi found he had breached various financial services laws by:<\/p>\n<ul>\n<li>Failing to act in the best interests of clients<\/li>\n<li>Failing to provide advice that was appropriate to his clients<\/li>\n<li>Not prioritising the interest of his clients above his own (or that of his AFS licensee)<\/li>\n<li>Providing his clients with a disclosure statement that contained misleading or deceptive statements<\/li>\n<\/ul>\n<p>ASIC found that Nabi \u201c\u2026has failed to maintain the high standards expected of a provider of financial services, that he does not understand the duties and obligations imposed by the Corporations Act on a provider of financial services; and that he cannot be relied upon to discharge the duties and obligations imposed by the Act on a provider of financial services.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASIC has banned former financial adviser Gawad Nabi from providing financial services for a period of three years. The commission says Nabi was an authorised representative of Life Plan FP Pty Ltd from 23 March 2018 to 31 March 2021, a director from 15 November 2019 to 30 December 2022, and a responsible manager from [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":71542,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-71540","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71540","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=71540"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/71542"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=71540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=71540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=71540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}