A marriage break up and a death in the family formed part of the reason why Hobart based financial planner Brendan Moore did not give four of his clients statements of advice, causing him to fall foul of the corporate regulator.
The claims come from a statement released yesterday by Financial Services Partners managing director Geoff Rimmer – the head of the dealer group of which Moore is an authorized representative, who also stated that there may be some “mitigating circumstances that ASIC may have overlooked” in Moore’s case.
Last Friday Moore appeared in the Hobart Magistrates Court to face charges brought by the Australian Securities and Investment Commission (ASIC) in relation to his failure to provide SOAs to four of his clients between September and October last year.
Moore was the first person to be caught out in the ASIC super switching campaign initiated in November last year.
Rimmer yesterday released a statement confirming that Moore had apologized to the four clients. He also stated that the clients were not adversely effected and did not suffer any financial loss.
“The adviser ensured that he complied with the disclosure obligations of the law in his direct discussions with the clients concerned. However in this situation the statements of advice were unfortunately delayed due to personal circumstances that the adviser was under, including a family death and a marriage break-up,” said Rimmer.
“Furthermore, the breach in question is limited to a two week period between June and July last year and is not related to, nor is it a consequence of any concerted campaign to target switching superannuation funds as a result of the impending choice legislation. In fact, two of the SOAs in question did not involve the switching of industry superannution funds, and all four clients initiated meetings with Mr Moore with a view to establishing new superannuaiton arrangements.”
Although they did not receive any SOAs, all four clients did receive a financial services guide and a product disclosure statement. According to Rimmer, all four clients have remained clients of Moore and maintained their satisfaction with the level of service he provided.
