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
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.