ASIC bans another financial adviser for 5 years
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
