ASIC bans two former planners
The Australian Securities and Investments Commission (ASIC) has banned two former planners for three years and six years, respectively.
Peter Raymond Holt of Balwyn North, Victoria, has been banned from providing financial services for three years for failing to have a reasonable basis for the advice he gave retail clients
The regulator also found that Holt failed to disclose the costs and benefits that may be lost in switching a client's superannuation, thereby failing to meet his disclosure requirements.
Holt was a director and authorised representative of Holt Norman & Co, and was the responsible officer of Holt Norman & Co's Australian Financial Services Licence.
Holt also failed to maintain professional indemnity insurance for Holt Norman & Co, according to ASIC.
The regulator has also banned Simon Turudia from providing financial services for six years, after he arranged the unlawful early release of approximately $1.7 million of superannuation benefits.
Turudia - a former authorised representative of AMP Financial Planning - arranged the early release of superannuation benefits to 35 clients between August 2010 and November 2011.
Turudia established investment accounts for clients into which their superannuation benefits were paid and subsequently withdrawn by clients when required.
ASIC found that Turudia engaged in misleading and deceptive conduct by manipulating rollover request procedures, allowing his clients early access to their superannuation savings.
ASIC Commissioner Peter Kell said "those who seek to promote and benefit from unlawful early release of superannuation schemes have no place in the financial services industry".
AMP alerted ASIC about Turudia's conduct in January 2012, by which time AMP had revoked his status as an authorised representative.
Both men have the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
Recommended for you
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
