Ex-adviser banned for three years
Former financial adviser Nathan Smith has been banned by the corporate regulator for three years after failing to provide appropriate advice that was in the best interests of clients.
The Australian Securities and Investments Commission (ASIC) said Brisbane-based Smith did not consider his clients’ existing products when making recommendations to switch products and did not align recommended investment strategies with client risk profiles.
“He also failed to properly disclose in advice documents all the costs and significant consequences of switching products,” ASIC said.
“Smith did not provide clients with fee disclosure statements within the 60 day statutory timeframe and he failed to provide compliant renewal notices in relation to ongoing fee arrangements.”
Smith had been a financial adviser since 2010 and was authorised by a number of Australian financial services licensees.
His misconduct occurred during the time he was an authorised representative of MyPlanner Professional Services and Total Financial Solutions Australia.
Recommended for you
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
