ASIC bans adviser for four years
Hobart-based financial adviser Hannah Jennings has been banned from providing financial services for four years by the Australian Securities and Investments Commission (ASIC).
ASIC also banned her from carrying on a financial services business and controlling an entity that carries on a financial services business for the same time period.
ASIC found Jennings failed to act in the best interests of her clients by providing advice that was inappropriate in light of her clients’ relevant personal circumstances.
ASIC reviewed advice provided by Jennings which recommended clients continue with double gearing strategies despite knowing that clients struggled to service the borrowing arrangements.
The banning took effect on 1 April, 2021, and she applied to the administrative appeals tribunal (AAT) for a review of ASIC’s decision but withdrew her application on 8 June, 2021.
Jennings was the sole director and only authorised financial adviser of FF Planning Solutions, previously known as Fort Financial Group, an authorised representative of InterPrac Financial Planning since March 2017.
She had been a financial adviser since 2009 and was authorised by a number of Australian financial services licensees (AFSLs).
The misconduct which resulted in this banning occurred during the time she was an authorised representative of Meritum Financial Group (February 2012 to February 2017) and InterPrac Financial Planning.
“In providing this advice, Ms Jennings had no regard to the clients’ relevant personal circumstances, their cash flow position or their ability to cover margin calls,” ASIC said.
“Ms Jennings also failed to consider an exit strategy for her clients as well as appropriate personal insurance cover.
“Additionally, ASIC found that Ms Jennings also failed to keep proper records and that she was not adequately trained or competent to provide financial services.
“Her lack of understanding about her legal and professional obligations as a financial adviser created additional risks to her current and future clients.”
The banning would be recorded on the Australian Securities and Investments Commission’s (ASIC’s) publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.
AUTHOR
Chris Dastoor
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