An Australian Securities and Investments Commission (ASIC) surveillance has resulted in a former MyPlanner Australia Pty Ltd adviser entering into an enforceable undertaking (EU).
The regulator announced that the former adviser, James Fraser, had entered into the EU after it was found he had failed to act in the best interests of his clients.
Under the EU, Fraser has agreed he will not provide financial services for a period of at least two years and that if he wishes to re-enter the industry at the conclusion of the two year exclusion period, he will be required to complete additional self-managed superannuation fund training and adhere to supervision requirements.
ASIC said that a review of client files found that Fraser had failed to act in the best interests of some clients when he:
- advised them to establish self-managed superannuation funds, and switch existing superannuation and insurance arrangements into those funds without appropriate consideration of the clients’ existing arrangements;
- failed to disclose information about relationships with external parties, or the remuneration agreements with those parties that would capable of influencing the advice;
- failed to provide a statement of advice when personal advice was provided.
Mr Fraser was an authorised representative of MyPlanner Australia Pty Ltd based in Cronulla, NSW at the time of the conduct. He was more recently an authorised representative of MyPlanner Professional Services Pty Ltd.
ASIC acknowledged the co-operation of Fraser throughout the surveillance.
