Adviser banned after being reported by employer
A Townsville financial adviser has been banned for two years by the Australian Securities and Investments Commission (ASIC) after being reported by his employer, RetireInvest.
The regulator announced on Thursday that it had banned Timothy James Clair, a former authorised representative of RetireInvest Pty Ltd, for two years for failing to comply with the Corporations Act.
ASIC said the matter had been referred to it by RetireInvest.
The regulator said that it had found that Clair had breached the Corporations Act on numerous occasions while employed by RetireInvest and that he had specifically failed to make reasonable enquiries regarding the personal circumstances of clients, provide Statements of Advice that outlined certain disclosures, including commissions, and had failed to include Statements of Advice regarding the consequences of replacing one financial product with another.
ASIC said it had been advised by RetireInvest that it had undertaken a review of 241 clients as part of a remediation process.
AUTHOR
Mike Taylor
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
