ASIC’s first snare in new super campaign
A Tasmanian financial planner has become the first scalp in the corporate watchdog’s new super switching campaign, after not giving his clients statements of advice (SOAs).
Brendan Moore of Hobart, an authorised representative of Financial Services Partners, appeared in the Hobart Magistrates Court charged with four counts of failing to provide a SOA before ‘switching’ his client’s superannuation funds.
The Australian Securities and Investments Commission (ASIC) claimed that Moore failed to give SOAs to four of his clients during September and October last year.
Moore has been bailed to reappear in the Hobart Magistrates Court on June 8, 2005.
ASIC’s super switching campaign began in December last year to monitor the advice and disclosure provided by financial planners.
ASIC says it will announce broader findings of the campaign shortly.
“ASIC will be acting to ensure that consumers are provided with appropriate disclosures about the implications of switching superannuation funds. We will be vigilant in monitoring financial services providers, and will take action if they fail to meet their significant obligations under the law,” ASIC executive director of enforcement Jan Redfern said.
To ensure authorised representatives are meeting their obligations under the impending choice of fund regime, ASIC also released late last week details of a second shadow shopping campaign that will start next July, to coincide with commencement of the new legislation.
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.