ASIC bans inadequately trained planner

australian-securities-and-investments-commission/ASIC/education/Kaplan/regulation/banning/financial-planning/commonwealth-bank/CBA/Financial-Wisdom/AAT/administrative-appeals-tribunal/insurance/insurance-products/Commission/

24 January 2019
| By Hannah Wootton |
image
image
expand image

A Hobart financial planner who was not adequately trained, despite holding a Dipoma of Financial Planning from Kaplan, or competent to provide financial services has been banned for five years by the Australian Securities and Investments Commission (ASIC).

The regulator also found that the planner, Matthew Geappen, had failed to act in the best interests of his clients, give appropriate advice and give priority to the interests of his clients over his own.

ASIC’s findings related to Geappan’s actions when he was an authorised representative of a Commonwealth Bank subsidiary, Financial Wisdom Limited, from 2006 – 2016. In that time, he provided advice on superannuation, insurance and income protection products, advising clients to switch between insurance products to enable him to generate commission. He had previously been a representative for Dover Financial too, although ASIC's decision related to his time at Financial Wisdom.

Following the regulator’s decision, Geappan appealed to the Administrative Appeals Tribunal.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS