Former Suncorp adviser banned
The Australian Securities and Investments Commission (ASIC) has banned former Suncorp financial services adviser, Gerald Grubwinkler, for four years for failing to act in his clients’ best interests when providing advice on superannuation and insurance between 2009 and 2016.
Grubwinkler was subsequently an authorised representative of Matrix Planning Solutions from May, 2016 to September, 2017 and Clearview Financial Advice from September, 2017 to January, 2018.
ASIC found that Grubwinkler did not adequately identify the subject of the advice sought by his clients, did not make reasonable enquiries into his clients’ relevant circumstances and did not adequately investigate alternative products and strategies.
He also failed to provide a Statement of Advice (SOA) to recommending the establishment of a self-managed superannuation fund (SMSF).
According to ASIC, Grubwinkler had the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of its decision.
AUTHOR
Oksana Patron
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.
