The Australian Securities and Investments Commission (ASIC) has banned Adelaide-based adviser, Peter Anthony Chigwidden, from providing financial services for a period of five years, making it the second ban for a financial planner for five years within two days.
The regulator found that Chigwidden, whose misconduct was notified to ASIC by Securitor Financial Group, a Westpac advice licensee, consistently failed to address the stated needs and objectives of his clients and, as a result, did not provide advice that was in the best interests of his clients.
He also made recommendations without ‘adequate consideration’ or the cost impact or other consequences of his advised, leaving his clients poorly informed, ASIC said.
Additionally, Chigwidden also failed to provide statements of advice to clients when he was required to do so and, where he did provide those advice documents, he failed to include specific information such as the fees and costs the clients may incur.
The banning of Chigwidden came as part of ASIC's Wealth Management Project, which aimed to focus on the conduct of Australia’s largest financial advice licensees - NAB, Westpac, CBA, ANZ, Macquarie and AMP, ASIC said.