ASIC bans inadequately trained planner


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.
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.