Another former Storm Financial adviser, Terence Edward Webb, has agreed to an enforceable undertaking (EU).
Under the terms of the EU offered to the Australian Securities and Investments Commission (ASIC), Webb, who is currently an authorised representative of Synchronised Business Services, has agreed to complete specified courses of professional development within 12 months.
He must also submit to a regime of supervision, audit and review of the financial services he provides to clients, to be carried out by an ASIC-approved independent senior financial planner for two years, the regulator stated.
The EU arose because an ASIC investigation led to concerns that Webb only advised clients to invest in accordance with the single investment strategy predominantly recommended by Storm, and that he failed to warn those clients that this advice may not have been tailored to meet their financial goals and objectives, ASIC stated.
ASIC said it was concerned that after leaving Storm and continuing to work as a financial planner, Webb may not have had a reasonable basis for the advice that he provided, or may have provided incomplete or inaccurate advice to his clients.
Earlier this month former Storm adviser James Mousa agreed to six months of professional development and two years of supervision. In February 2011 Stuart Craig Drummond was banned from providing financial services for four years.
In December 2011 Carey Fraser was banned for two years, while Trevor Alan Benson and David Robert McCulloch each agreed to six months of professional education and two years of supervision.
