Perth adviser banned for four years
The Australian Securities and Investments Commission (ASIC) has banned Perth-based financial adviser, Lawrence O’Neill, from providing financial services for a period of four years.
O’Neill, who was an authorised representative of NAB-owned Godfrey Pembroke Limited and Wealthsure Financial Services, was said to have failed to comply with financial services laws and was not adequately trained.
According to ASIC, he did not properly consider his clients’ circumstances or objectives and, in some cases, did not consider their existing products when providing personal advice.
The regulator also found that he failed to disclose to his clients his relevant associations and relationships with product issuers.
ASIC said it expected financial advisers providing personal advice to prioritise their clients’ interests over their own and to be transparent about potential conflicts of interest so clients can make better informed decisions.
The banning of Mr O’Neill came as a part of ASIC’s ongoing efforts to improve standards across the financial services industry and it would be recorded on ASIC's publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
O’Neill has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Oksana Patron
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.
