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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
