Ex-Westpac, Commonwealth FP adviser banned

westpac commonwealth financial planning ASIC ban

27 November 2019
| By Chris Dastoor |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has banned Peter Jianchao Xu for five years from providing financial services following surveillance.

The Perth financial adviser was an authorised representative of Westpac Banking Corporation, Commonwealth Financial Planning, and most recently Neo Financial Solutions.

ASIC had reviewed a sample of Xu’s advice files and found he had failed to comply with financial services laws including best interests duty and the requirement to provide appropriate advice.

ASIC found Xu repeatedly recommended clients take out a new insurance policy instead of checking whether it would be beneficial if they remained with or modified their existing policies.

They had also found an ongoing failure by Xu to consider his clients’ personal circumstances when providing personal insurance advice, which led the risk of his clients’ being under-insured.

Xu had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

10 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 15 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

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....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 13 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 16 hours ago