Victorian adviser enters EU with ASIC
A Victorian adviser has agreed not to provide financial services for a year under the terms of an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC).
In a statement released today, the regulator revealed that Seamus O'Brien, who traded as Cambridge Financial Planning in South Yarra, Victoria, had "failed to meet his obligations as a financial adviser".
O'Brien was an authorised representative of Professional Investment Service Pty Ltd (PIS), from 27 September 2007, until his authorisation was terminated by PIS on 16 December 2013.
On 23 July 2013, PIS lodged a report with ASIC stating that O'Brien had provided advice to clients about products that were not on the PIS approved products list, that he did not consider alternative product or strategies when providing advice, and that he demonstrated a poor level of record keeping and collection of client details.
ASIC's subsequent surveillance procedure identified six client files of O'Brien's in which the regulator found "extensive contraventions of section 945A and section 947D of the Corporations Act".
Under the EU, O'Brien has agreed not to provide financial services in any capacity of the minimum of one year, and that should he decide to re-enter the financial services industry after this period, he must adhere to strict supervision requirements for a further 12 months and have each piece of advice audited by his new licensee before it is provided to clients.
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