ASIC bans planner
The securities regulator has banned a financial planner from working in the industry for two years after an investigation found he sent out identical Statements of Advice to 90 clients recommending that they roll over their superannuation savings into a fund in which his firm had a financial interest, without first determining the appropriateness of the advice.
Michael Parker was an authorised representative for Australian Financial Service (AFS) and provided financial planning through Associated Professional Advisers based in Hornsby, NSW.
According to the Australian Securities and Investments Commission, Parker failed in his duty to provide advice that meets a client’s specific needs and that takes into consideration the appropriateness of the advice.
Parker has yet to lodge an appeal to have the decision reviewed by the Administrative Appeals Tribunal.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
