The Federal Court has declared a former AMP financial adviser breached the law while providing superannuation switching advice.
The Australian Securities and Investments Commission (ASIC) obtained the orders relating to advice provided by John Vafiadis, of Hobart.
The court declared Vafiadis breached the law by giving inappropriate advice, not comparing the clients’ existing super fund with the recommended fund and by not disclosing the disadvantages of switching funds to an AMP fund.
The orders relate to advice given to five clients, who were advised to switch their superannuation from Tasplan to AMP Flexible Lifetime Super.
Four clients also received advice on life and disability insurance.
Vafiadis was an authorised representative of AMP Financial Planning at the time of providing the advice, but is no longer an authorised representative of any licensee.
