Bundaberg adviser banned four years
Bundaberg based financial adviser Peter Goudie has been banned by the Australian Securities and Investment Commission (ASIC) for four years.
It followed ASIC surveillance of his activities when he was an authorised representative of Risk and Investment Advisors and National Australia Bank (NAB) owned GWM Adviser Services.
ASIC found Goudie failed to comply with financial services laws, including the requirement to comply with the best interests duty and to prioritise his clients’ interests.
Goudie did not adequately identify his clients’ objectives, financial situation and needs, nor did he investigate whether the financial products he recommended would meet said needs.
He had also failed to give his clients a Statement of Advice (SOA) and in all circumstances where Goudie’s advice was not in the best interest of his clients, it was found he gave priority to generating fees and commissions for himself.
Danielle Press, ASIC commissioner, said the decision reflected their expectation advisers complied with the law and act in their client’s best interests, not their own.
“Assessing client needs and providing a clear Statement of Advice are critical parts of the advice process,” Press said.
“Advisers must remember that failing to provide the necessary advice documentation to clients is a serious breach of the law.”
AUTHOR
Chris Dastoor
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
